APHC010431472022 IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI (Special Original Jurisdiction) [3329] WEDNESDAY,THE TWENTY FOURTH DAY OF DECEMBER TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE VENKATESWARLU NIMMAGADDA COMPANY APPLICATION NO: 9/2022 Between: 1. M/SJ. SREE PUJITHA CHIT FUND (P) LTD (IN LIQN), REP. BY THE OFFICIAL LIQUIDATOR HIGH COURT FOR THE STATE OF TELANGANA, AT HYDERABAD OLD COMPA NO 445 OF 2019 ...APPELLANT AND 1. NIL, a ...RESPONDENT Permit the Official Liquidator to appoint a Registered Chartered valuer for valuation of the two shutters in upper Ground Floor measuring 1923 Sq. ft of built up area including common areas and Movable assets i e., office furniture. fixtures and equipments situated at No.29-36-37, Ammana Estates, Prakasam Road. Seshadri Street, Governorpet, Vijayawada. from the panel of valuers list enclosed as Annexure- F maintained by the office of the Official Liquidator or such other valuer as this Hon'ble Court may deem fit and proper and direct the valuer to submit their valuation report in sealed cover in duplicate in strict confidence to the Official Liquidator. Direct the Valuer so appointed to verify the records of the Sub-Registrar / any other statutory bodies concerned to establish the title of the subject company. permit the Official Liquidator to pay the professional fee to the valuer for valuation of the two shutters in upper Ground Floor measuring 1923 Sq.Ft. of built up area including common areas and Movable assets i.e., office furniture. fixtures and equipments situated at No.29-36-37, Ammana Estates, 1' Floor Prakasam Road. Seshadri Street. Governopet, Vijayawada and other incidental expenses of the valuer from out of the funds of the company (in liqn.), order that the cost of this application do come out of the assets of the company. and pass IA NO: 1 OF 2023 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased permit the Official Liquidator to sell the assets of the company (In Liqn.) through e-auction on "as is where is and whatever there is basis" by fixing the Fair market value as the Minimum Upset Price (MUP) and 10% of MUP as EMD and incremental bid amount which are as given below: Description of property Flat (RCC roofed Commercial Block) admeasuring 1923 Sq.feet (including common area), situated at Upper Ground Floor, Door No.29- 36- 37, Ammana Estates, Prakasam Road, Governorpet, Vijayawada. NTR District, Andhra Pradesh, alongwith Machinery and Equipment such as Furniture, Window/Split A/c, Safety locker, Computer, electrical equipment & office equipment, etc. Minimum Upset price (M.U.P.) Rs. 1,32,58,000/- Earnest Money Deposit (E.M.D.) Rs. 13,26,000/- (Non interest bearing) Incremental Bid Amount Rs. 1,00,000/ After e-auction of the said property necessary permission may be granted to Sale Committee comprising of Official Liquidator and officer / officials of his office to have negotiations with three (3) highest bidders participated in the e-auction to fetch maximum sale price.ii. permit the Official Liquidator to sell the assets/properties through e- auction service provider viz., M/s.Rail Tel Corporation of India Limited (as suggested by the Ministry vide letter dated 24-11-2020) or M/s.E-procurement Technologies Ltd.(auction Tiger.net) or such other agency as this Hon'ble Court may deem lit and proper in this regard and release the service charges to e-auction provider out of the funds available in Company's account. iii. consider and approve the draft e-auction sale notice and Terms & Conditions thereon for sale of above assets/properties which are annexed vide Annexures-'1 & K" respectively. iv. permit the Official Liquidator to publish e- auction sale notice for sale of above assets / properties of the company (In Liqn.) in Vijavawada Edition of "Sakshi", Telugu Daily and Hyderabad Edition of "Namasthe Telangana", Telugu Daily and "Times of India", English daily of Andhra Pradesh and Telangana Editions or any other news paper as decided by this Hon'ble Court at DAVP / Govt. rates as this office is a Central Government office attached to Hon'ble High Courts of Telangana & Andhra Pradesh and also permit the Official Liquidator to incur publication charges from and out of the amount lying to the credit of the company (In Liqn.). v. permit the Official Liquidator to fix and receive Rs.2,000/- (Non refundable & non adjustable) towards participation fee and cost of tender form from the intending purchasers. vi. permit the Official Liquidator to amend/alter/modify the sale notice to be displayed on web portal as per the procedure / norms of the e-auction service provider. vii. order the costs of this application do come out of the assets of the company (In Lin.) ; and viii. Pass IA NO: 1 OF 2024 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased pleased to permit the Asset Sale Committee comprising of Official Liquidator and other officers / officials of the Official Liquidator’s office to conduct negotiations with the three (3) highest bidders who have participated in e- auction to fetch maximum sale price, if necessary. ermit the Official Liquidator to sell the above assets/properti es of the company (in liquidation) through e-auction service provider viz., IWs. Rail Tel Corporation of India Limited or M/s. e-Procurement Technologies Ltd. (auction Tiger.net) or such other agency whoever offer the lower service charge as this Hon’ble Court may deem fit and proper in this regard and to release the service charges to e-auction service provider from out of the funds lying to the credit of the company (In Liqn.). consider and approve the above draft e-auction Sale Notice, Terms & Conditions and online e-auction Bid Form for sale of above assets/properties of the company (in liquidation) which are annexed vide Annexure - “I”, permit the Official Liquidator to publish e-auction Sale Notice for sale of above assets / properties of the company (in liquidation) in three newspapers namely (i) “The Times of India”, English Daily News Paper, Andhra Pradesh and Telangana Editions (ii) “Namaste Telangana”, Telugu daily news paper, all editions of Telangana (iii) “Andhra Jyothi”, Telugu daily news paper, all editions of Andhra Pradesh or any other news papers as may be decided by this Hon’ble High Court at DA VP / Govt, rates as this office is a Central Government office attached to Hon’ble High Court of Telangana & Andhra Pradesh and also permit the Official Liquidator to release the publication charges to above newspaper publishing companies from out of the funds lying to the credit of the company (In Liqn.). permit the Official Liquidator to fix and receive Rs.2,000/- (Non refundable & non adjustable) towards participation fee. permit the Official Liquidator to return the EMD amount to the unsuccessful bidders after retaining the EMD amount of 1st, 2nd and 3rd highest bidders participated in the e-auction till confirmation of sale by this Hon’ble Court and deposit of balance sale consideration by the Successful /Highest bidder. permit the Official Liquidator to amend/alter/modify the Sale Notice and Terms & Conditions to be displayed on web portal as per the procedure/ norms of the e-auction service provider, order the cost of this application do come out of the assets of the company (In Liqn.). Pass IA NO: 1 OF 2025 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased (Under Section 457 (1) (c) of the companies Act, 1956 read with Rule 9 and 11 (b) of the Companies (Court) Rules, 1959) i. As no offer is received in the e-auction conducted on 08-11-2024, permit the Official Liquidator to sell the entire assets/properties of the company (in liquidation) through e-auction on “AS IS WHERE IS AND WHATSOEVER THERE IS BASIS” by fixing the Reserve Price, 10% of Reserve Price as EMD and incremental bid amount as decided in the Asset Sale Committee Meeting held on 06-01-2025 which are as under,After e-auction this Hon’ble Court may be pleased to permit the Asset Sale Committee to conduct negotiations with the three (3) highest bidders who have participated in e-auction maximum sale price, if necessary. Permit the Official Liquidator to sell the above assets/properties of the company (in liquidation) through e-auction service provider viz., M/s. Rail Tel Corporation of India Limited or M/s. e-Procurement Technologies Ltd. (auction Tiger) or such other agency whoever will offer the lower service charge as this Hon’ble Court may deem fit and proper in this regard and to release the service charges to e-auction service provider from out of the funds lying to the credit of the company (In Liqn.). Consider and approve the draft e-auction Sale Notice, Terms & Conditions and online e-auction Bid Form for sale of sale of above assets/properties of the company (in liquidation) which are annexed vide Annexure-“D”. Permit the Official Liquidator to publish e-auction Sale Notice for sale of above assets / properties of the company (in liquidation) on “AS IS WHERE IS AND WHATSOEVER THERE IS BASIS” in three newspapers namely (i) Economic Times”, English Daily News Paper, All India Editions (ii) “Namasthe Telangana” Telugu Daily News Paper, all editions covering the state of Telangana and (iii) “Andhra Jyothi”, Telugu Daily News Paper, all editions covering the state of Andhra Pradesh or any other news papers as decided by this Hon’ble Court at DAVP / Govt- rates as this office is a Central Government office attached to Hon’ble High Court of Telangana& Andhra Pradesh and also permit the Official Liquidator to release the publication charges to above newspaper publishing companies from out of the funds lying to the credit of the company (In Liqn.). V. Permit the Official Liquidator to fix and receive Rs.2,000/- (Non refundable & non adjustable) towards participation fee from each intending bidder. to fetch vi.Permit the Official Liquidator to return the EMD amount to the unsuccessful bidders after retaining the EMD amount of 2"'* and 3'^ highest bidders participated in the e-auction till confirmation of sale by this Hon’ble Court and deposit of balance sale consideration Successful/Highest bidder. theby vii.Permit the Official Liquidator to amend/alter/modify the sale notice to be displayed on web portal as per the procedure/ norms of the e-auction service provider, viii. Order the cost of this application do come out of the assets of the company (In Liqn.). ix. Pass such further or other order or orders as this Hon’ble High Court may deem fit and proper in circumstances of the case. Counsel for the Appellant: 1. T V P SAI VIHARI(SC FOR OFFICIAL LIQUIDATOR) Counsel for the Respondent: 1. The Court made the following: THE HONOURABLE SRI JUSTICE VENKATESWARLU NIMMAGADDA COMPANY APPLICATION NO: 9/2022 ORDER: When the matter is taken up for hearing, learned Standing Counsel for the Official Liquidator submits that no further adjudication is necessary in this application and requested to grant liberty to file application afresh with other information. Recording the said submission, the Company Application is closed, granting liberty to the Official Liquidator to file fresh application. No order as to costs. Consequently, Miscellaneous Petitions, if any, pending in the contempt case shall stand closed. ________________________________ VENKATESWARLU NIMMAGADDA, J 24.12.2025 AAG G 64 THE HONOURABLE SRI JUSTICE VENKATESWARLU NIMMAGADDA COMPANY APPLICATION NO: 9/2022 24.12.2025 AAG G