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| HC directs appearance of official liquidator | | | Early Times Report
JAMMU, Sept 7: Justice Rahul Bharti of Jammu & Kashmir and Ladakh High Court on directed Official Liquidator to appear on September 25, 2024 in the Court in case Title M/s Essem Coated Steels (J&K) Ltd. Verus Board of Industrial And Financial Reconstruction.
Advocates Inder Jeet Gupta & Yatin Mahajan appeared on behalf of the Ex-Director and M. P. Gupta Advocate appeared on behalf of State Bank of India. That M/s Essem Coated Steel (J&K) Ltd. (in Liqn.) was ordered to be wound up as per the order of the Hon'ble Court of J&K at Jammu passed on 09/07/2003 in Company Petition No. 2/2001 and the Official Liquidator attached to the said High Court was appointed as Liquidator inter-alia with the directions to take over charge of assets of the Company (in Liqn.) and to proceed in this matter in accordance with law.
That this Court vides Order dated 19/09/2023 appointed Mr. Mohd. Nazir Fida (Retired District & Sessions Judge) as a Commissioner for carrying the commission of clerning the leasehold premises of the petitioner-company by engagement of men and machinery as required for the requisite purpose.
That Commissioner in his report dated 06/02/2024 in para 5 has stated that as per the directions of the Hon'ble Court wild and waste growths and dumps were cleared except standing tree. Buyers in this situation can reach now in the premises of the factory including Plant and Machinery without any hindrance to ascertain the price of the Plant and Machinery alongwith the land comprising of 168 Kanals at Khonmoh.
That Court vide order dated 07/06/2024 in para 5 has held that the Official Liquidator is well within his discretion and authority to undertake the inspection of the site with or without secured creditors at any given point of time for the purpose of chalking out the next course of action towards evaluation of the site and the assets thereat and sale thereof for the purpose of generating requisite funds towards liquidation of the demands of the secured creditors / financial institutions.
That as on 04/09/2024 no report has been filed by the Official Liquidator and the Hon'ble Court as observed that for the last number of dates, there has been no representation of the Official Liquidator in this case. Accordingly, notice shall go to Mr. Rajneesh Kumar Singh, who is now present Official Liquidator, for his appearance in the case on the next date of hearing. i.e. 25/09/2024. Registrar Judicial, Jammu to issue Notice to Mr. Rajneesh Kumar Singh, the Official Liquidator. —JNF |
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