MAHALAXMI ENTERPRISES Vs. DEE PHARMA LIMITED
HIGH COURT OF DELHI
DEE PHARMA LIMITED
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(1.) This appeal is directed against the judgment and order dated 12th May,
2005 passed by the learned Single Judge rejecting the application filed by the
appellant and directing for evaluation of the remaining plant and machinery and
furniture and fixtures for putting the said assets to sale.
(2.) The assets of the company in liquidation were ordered to be sold out by
an order passed by the learned Company Judge. Pursuant to the aforesaid order,
plant and machinery and furniture and fixtures as mentioned in Annexures A and B
were evaluated through an approved valuer. The approved valuer in his report
dated 2nd May, 2003 has given specific details of the plant and machinery
examined by him and valued in Part-III of the report. He has mentioned that
some of the buildings were lying sealed and quantity and condition of the items
had to be reviewed/checked once again.
(3.) After the valuation report was
received, an advertisement was taken out by the Official Liquidator after
obtaining permission from the learned Company Judge. In the aforesaid sale
notice, which was issued by the Official Liquidator, it was mentioned that
tenders could be filed by the intending bidders for sale of land and building,
plant and machinery and furniture and fixtures for sale on As is where is and
whatever there is basis . In paragraph 4 of the sale notice, it was also
specifically mentioned that before submitting their tenders, the bidders may
inspect the plant and machinery and also furniture and fixtures. What was made
available for inspection during the aforesaid period were the assets in the
nature of plant and machinery for which evaluation was already done. Therefore,
the said plant and machinery was the subject matter of sale for which a tender
could be submitted. It was also mentioned in the sale notice that the tenderers
should satisfy themselves from the appropriate authorities about the right,
title, duty and also dues payable in respect of the said assets and that later
on no such objection of any kind would be entertained by the Court.;
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