C/OLR/28/2025 ORDER DATED: 25/04/2025 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/OFFICIAL LIQUDATOR REPORT NO. 28 of 2025 In R/OFFICIAL LIQUDATOR REPORT NO. 89 of 2022 ========================================================== OFFICIAL LIQUIDATOR OF M/S. SUNAM PACKAGING PVT. LTD. (IN LIQUIDATION) Versus NONE ========================================================== Appearance: MR DHAWAN M JAYSWAL(5878) for the Applicant(s) No. 1 ========================================================== CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT Date : 25/04/2025 ORAL ORDER 1. Heard Mr. Dhavan Jayswal, learned Advocate appearing for the applicant- Official Liquidator. 2. The present report is filed seeking following orders in paragraph no. 8, thereof: “a.) This Hon'ble Court may be pleased to approve the Upset Price and EMD for sale of the assets and properties of the said Company in liquidation as per the recommendation of sale committee based on valuation report submitted by M/s Pranav Parikh & Associates, Govt. Approved Valuer as mentioned in para-6 of this report or such other upset price and C/OLR/28/2025 ORDER DATED: 25/04/2025 EMD as may be considered appropriate by this Hon'ble Court. b.) This Hon'ble Court may also be pleased to direct the Official Liquidator to issue advertisement in newspapers "Times of India" in English Script and in "Gujarat Samachar" in Gujarati Script both in Surat Editions for inviting offers for sale of assets and properties of the Company in liquidation or such other newspapers and fix-up the sale schedule as may be considered appropriate by this Hon'ble Court. c.) Such other and further orders and directions as may be considered just and appropriate may also be passed.” 3. It is stated in the report that this Court vide order dated 03.03.2023 passed by the Hon'ble High Court of Gujarat in OLR No. 89 of 2022 directed the Official Liquidator to carry out fresh valuation of the property of aforesaid Company in liquidation. 4. It is stated in the report that the Official Liquidator appointed the Govt. Approved Valuer to carry out the fresh valuation of the assets and properties of the aforesaid Company situated at Block No. 154, Nr. Tarsadi Chokdi, Tarsadi - Navsari Road, Taluka Mahuva, Dist. Surat. Page 2 of 6 C/OLR/28/2025 ORDER DATED: 25/04/2025 5. That, the asset sale committee meeting was convened on 28.02.2024 and the valuation report in sealed cover was placed before the members of sale committee for consideration. The members of sale committee discussed the matter and it is observed by members of the sale committee that the valuer has considered the Present Market Value, Realizable Value, Distress Value, Jantri Value of the property in the valuation report pursuant to order dated 03.03.2023 passed by the Hon'ble High Court of Gujarat in OLR No. 89 of 2022. The details are as under: S.No. Particular Value (in Rs.) 1 Fair Market Value 89.50 lacs 2 Realizable Value 76.00 lacs 3 Distress Value 60.00 lacs 4 Jantri Value 20.00 lacs 6. That, on perusal of the valuation report it is observed that the Govt. Approved Valuer submitted the report on estimated average fair market rate of property of the aforesaid Company in liquidation and adopted the rate @5230/- sq. mtrs. Since earlier two attempts for sale failed, the members the asset sale committee have unanimously recommended the proposal for sale of assets/property on Realizable Value as Upset Price and EMD as 10% of Upset Price, subject to approval by the Hon'ble C/OLR/28/2025 ORDER DATED: 25/04/2025 High Court of Gujarat. The details of property to be sold in one lot with propose Upset Price and EMD are as under: Lot No. Description Upset Price (in Rs.) EMD (In Rs.) 1 Freehold, N.A. Land of Revenue Survey No.197, Part Block No.154 of Village Tarsadi, Taluka Mahuva, Dist. Surat admeasuring 1393.50 sq.mtrs. And building structure Note: There is COMMON PASSAGE of 20 feet over which there is also right of way of M/s Ganesh Tubes 76,00,000/- 7,60,000/- 7. After discussion, it is unanimously recommended by the members of sale committee that the advertisement to be issued in "Times of India" in English Script and "Gujarat Samachar" in Gujarati Script both in Surat Editions subject to the approval of the Hon'ble High Court of Gujarat. The tentative schedule programme for sale of assets of the Company was fixed as under: C/OLR/28/2025 ORDER DATED: 25/04/2025 Sr.No. Description Date 1 Issue of Advertisement on 04.04.2024 2 Issue of Tender Form 08.04.2024 3 Inspection of Property 19.04.2024 4 Last Date of receipt of offer 30.04.2024 5 E-Auction 06.05.2024 However, at the time of filing of this report, the aforesaid sale schedule has lapsed. Accordingly, the revised tentative re-scheduled programme for sale of assets of the Company as proposed by Official Liquidator is: Sr.No. Description Date 1 Issue of Advertisement on 08.05.2025 2 Issue of Tender Form 12.05.2025 3 Inspection of Property 20.05.2025 4 Last Date of receipt of offer 30.05.2025 5 E-Auction 05.06.2025 8. In view of the facts mentioned above, Official Liquidator is permitted to publish an advertisement for sale of the properties of the Company in liquidation "Times of India" in English Script and in "Gujarat Samachar" in Gujarati Script both in Surat Editions. 9. The Official Liquidator is also permitted to conduct e- C/OLR/28/2025 ORDER DATED: 25/04/2025 auction through M/s Railtel Corporation of India Ltd. as per the terms and conditions issued by the Ministry of Corporate Affairs. 10. It is made clear that finalization of auction is subject to final order that may be passed by this Court and if required the Court will conduct manual auction, inter-se-bidding between bidders to fetch the maximum price of the property. 11. The Official Liquidator is also permitted to pay the advertisement bill of advertisement agency from the Common Pool Account of various company in liquidation as maintained by the Official Liquidator subject to adjustment against the sale consideration to be received in Company Account. 12. In view of the above, present report is accepted in terms of prayer prayed in para-8(a.) & 8b.) of this report. (MAUNA M. BHATT,J) NAIR SMITA V.//11 Original copy of this order has been signed by the Hon'ble Judge. Digitally signed by: SMITA VINU NAIR(HC00186), PRINCIPAL PRIVATE SECRETARY, at High Court of Gujarat on 25/04/2025 16:23:00