C/OLR/32/2025 ORDER DATED: 09/05/2025 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/OFFICIAL LIQUDATOR REPORT NO. 32 of 2025 In R/COMPANY PETITION NO. 234 of 1999 ========================================================== OL OF M/S. DADA CHEMICALS LTD. (IN LIQN.) Versus NATPUR CO. OP. BANK LTD. (IN LIQN.) ========================================================== Appearance: BHOOMI M THAKORE(6237) for the Applicant(s) No. 1 ========================================================== CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT Date : 09/05/2025 ORAL ORDER 1. The present report is filed seeking following orders in paragraph No. 6 thereof: (A) This Hon’ble Court may be pleased to permit the Official Liquidator to fix up the Upset Price and EMD as stated in para-4 of this report, and the Official Liquidator may also be permitted to invite offers for sale of asset of the company as stated in para-4 of this report by publishing advertisement in “Gujarat Samachar” Gujarati script and “Times of India” English script both in all Gujarat editions or such other upset price, EMD and newspapers, as may be considered appropriate by this Hon’ble Court. (B) This Hon’ble Court may be pleased to permit the Official Liquidator to conduct e-auction through M/s. RailTel Corporation of India Ltd. as per Terms & Conditions issued by Ministry of Corporate Affairs. (C) This Hon’ble Court may be pleased to permit the Official Liquidator to pay the advertisement bill from Common Pool Fund Account of Various Companies in liquidation as maintained by Office of Official Liquidator subject to adjustment against the realization of amount from sale of C/OLR/32/2025 ORDER DATED: 09/05/2025 assets of the company in liquidation. (D) Such other and further orders and directions, as this Hon’ble Court may consider just and appropriate may also be passed. 2. It is stated in the report that this Court vide order dated 03.03.2023 passed in OLR No. 74 of 2022 permitted the Official Liquidator to initiate sale procedure as the sale scheduled fixed by this Court by publishing advertisement in the newspapers for sale of assets of the company in liquidation. Accordingly, the sale proclamation was published by the Official Liquidator on 21.03.2023 in the newspapers namely “Gujarat Samachar” and in “Times of India” both in all Gujarat edition. Pursuant to the advertisement published in the newspaper on 21.03.2023, the Official Liquidator did not receive any offer / tender from the intending purchaser / parties. The aforesaid facts have been placed before this Court vide OLR No. 26 of 2023. This Court vide order dated 08.06.2023 passed in OLR No. 26 of 2023 has considered the facts and taken on record that there were no offer received by Official Liquidator pursuant to the advertisement given for sale of the assets and properties of the company. 3. It is stated in the report that M/s. Pranav Parikh & Associates, Government approved valuer has submitted valuation report to the office of the Official Liquidator. Upon receipt of the valuation report, the Official Liquidator convened a meeting of the sale committee on 20.03.2025 to discuss and decide the further course of action for sale of assets of the company. In the said meeting, the valuation report was opened and it was observed that the valuer has valued the property of the company in liquidation situated at Block No. 138/ A, 138p and 148, Near Dynamech Engineering & Coil Cutting, Vadodara – Savli Road, Village – Bahutha, Tal. Savli, Dist. Vadodara C/OLR/32/2025 ORDER DATED: 09/05/2025 as under :- Sr. No. Name of Assets Estimated fair Market Value (Rs. in Lacs) Realizable value (Rs. in Lacs) Distress Sale Value (Rs. in Lacs) Jantri Value (Rs. in Lacs) 1 Land 1,200.00 1,020.00 815.00 280.00 2 Civil Structures 15.60 12.50 10.00 15.60 Total Value 1,215.60 1,032.50 825.00 295.60 Say Total 1,215.00 1,035.00 825.00 300.00 Keeping in view that in earlier 4 attempts, the sale was not successful, the sale committee unanimously decided to fix the upset price on the realizable value. The EMD fixed as @ 10% of upset price as recommended by the Committee. The details of sale of property are as under :- Description of property Upset Price (Rs.) E.M.D. (Rs.) Freehold Industrial Land admeasuring approximately 28,650 sq. mtr. alongwith Civil Structure situated at R.S. / Block No. 138/A, 138P and 148, Near Dynamech Engineering & Coil Cutting, Vadodara – Savli Road, Village – Bahutha, Taluka – Savli, Dist. Vadodara 10,35,00,000 1,03,50,000/- It was further decided in the meeting that the advertisement for inviting offers will be published in “Gujarat Samachar” in Gujarati Script and in “Times of India” in English Script both in all Gujarat Edition. Page 3 of 5 C/OLR/32/2025 ORDER DATED: 09/05/2025 4. Upon hearing learned advocate appearing for the Official Liquidator and on the basis of recommendation made by members of the Asset Sale Committee, the Official Liquidator will initiate proceedings of sale and permitted to fix upset price and EMD in following manner. Description of property Upset Price (Rs.) E.M.D. (Rs.) Freehold Industrial Land admeasuring approximately 28,650 sq. mtr. alongwith Civil Structure situated at R.S. / Block No. 138/A, 138P and 148, Near Dynamech Engineering & Coil Cutting, Vadodara – Savli Road, Village – Bahutha, Taluka – Savli, Dist. Vadodara 10,35,00,000 1,03,50,000/- 5. In view of above, the schedule for sale of the assets and properties of the company in liquidation is as under :- Date of Advertisement : 03/07/2025 Date of issuance of Tender forms : 04/07/2025 Date of inspection : 10/07/2025 Last date of receipt of Tender : 17/07/2025 E-Auction : 24/07/2025 6. The Official Liquidator shall publish an advertisement for sale of the properties of the company in liquidation in “Gujarat Samachar” in Gujarati Script and in “Times of India” in English Script both in all Gujarat Edition. 7. The Official liquidator is also permitted to conduct e-auction through M/s. Railtel Corporation of India Ltd. as per terms and conditions issued by the Ministry of Corporate Affairs. Page 4 of 5 C/OLR/32/2025 ORDER DATED: 09/05/2025 8. 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 biding between bidders to fetch the maximum price of the property. 9. 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. 10. In view of above, present report is accepted in terms of prayer prayed in para-6(A), 6(B) and 6(C) of this report. (MAUNA M. BHATT,J) SHRIJIT PILLAI Original copy of this order has been signed by the Hon'ble Judge. Digitally signed by: PILLAI SHRIJIT P(HC01400), PRIVATE SECRETARY, at High Court of Gujarat on 09/05/2025 16:07:06