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SALE OF PROPERTIES BY OFFICIAL LIQUIDATOR (Business Law)

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This query is : Resolved


Author : M.RAMESH.NAIK

Posted On 15 May 2011 at 13:50

WHEN SALE OF IMMOVABLE PROPERTY TAKES BY PUBLIC AUCTION BY OFFICIAL LIQUIDATOR APPOINTED BY HIGH COURT ,AND A BIDDER PAYS THE AMOUNT CAN THE PROPERTY BE REGISTERED TO A NOMINEE(THIRD PARTY) OF BIDDER AND CAN THE NOMINEE PAY FOR STAMP DUTY FOR SUCH REGISTRATION.IS THIS NOT A VIOLATION OF PROCEEDURES UNDER STAMP ACT, COMPANY ACT AND INCOME TAX ACT. KINDLY INFORM .




Expert : Thangapandian

Posted On 15 May 2011 at 18:16

As per wish of the successful bidder in court auction the property can be registered on any one's name.



Author : M.RAMESH.NAIK

Posted On 16 May 2011 at 07:00

pl give me section number of act



Author : M.RAMESH.NAIK

Posted On 16 May 2011 at 07:13



Government of India
Ministry of Corporate Affairs
OFFICE OF THE OFFICIAL LIQUIDATOR
HIGH COURT OF KARNATAKA, BANGALORE
N O T I C E O F I N V I T I N G S E A L E D T E N D E R S

Sealed tenders are invited for sale of the Land belonging to M/s. Southern Green Fields Limited (in liqn) situated at Sathanur Village, Denkanikote Taluk, Dharmapuri Dist, Tamilnadu State which includes:
Land : -
The unit has land measuring approximately 37.94 acres located at a distance of about 3.5 Kms. From Madagondanahalli Village and at a distance of about 15 Kms from Hosur town and about 14 Kms from Denkanikote. The survey number and extent of land of the unit is furnished below:

Sl No. Survey nos No. of Acres

1. 201/1, 201/2, 201/3, 201/4 5.59
2. 209/1, 209/2 3.56
3. 205/1, 205/2, 205/3, 205/4 2.53
4. 210/2 & 210/4 2.11
5. 211/3, 211/9 & 211/5 4.05
6. 200 1.58
7. 209/1, 210, 210/1, 211/02 4.87
8. 250/1D 1.15
9. 250/1B 3.37
10. 212/2, 212/3, 212/4, 212/5 2.00
11. 204/2 2.00
12. 210/1, 211/1 2.71
13. 204/1 2.42
Total Acres 37.94
The above asset will be sold through invitation of sealed tenders, which should reach the undersigned on or before 18.10.07, Super scribing on the envelope “Tender for the Land of M/s. Southern Green Fields Ltd., (In liquidation)”. Sale is subject to the confirmation of the Honourable High Court of Karnataka. Sale is on “as is where is and whatever there is” basis. Inspection of the properties can be had by the prospective bidders/tenderers. The details of the EMD and inspection of assets are as under.

Description of
Assets E.M.D
(Rs. in Lakhs) Inspection
Date & Time
Land 10.00 Lakhs 04.10.07
11.00.a.m to
3.00.p.m.

Each of the participating bidder/buyer will have to deposit along with the tender, EMD by way of Demand Draft, which shall be drawn in favour of “The Official Liquidator, High Court of Karnataka, Bangalore”. The Honourable High Court / Official Liquidator reserves the right to cancel or reject the highest offer or cancel the tender without assigning any reasons. The last date for submission of tender is 18.10.07 upto 6.00 P.M. The bidders will be allowed to have interse bidding among themselves for better price. The Official Liquidator will commence the sale/bidding process in his chamber on 22.10.07 at 3.00 p.m with the tenderers/offerers. Detailed terms and conditions and tender form can be obtained form the office of the Official Liquidator at the address given below on the payment of Rs.1,000/- by Cash or Demand Draft on any working day between 11.00 a.m. to 5.00 p.m.

Sd/-
(ARVIND SHUKLA)
OFFICIAL LIQUIDATOR,
HIGH COURT OF KARNATAKA
IV TH FLOOR, D & F WING, KENDRIYA SADAN
KORAMANGALA, BANGALORE - 560 034
Tel No: 25537742/25527991, Telefax No: 080-25527991


BANGALORE
DATED: 20.09.07.

















IN THE HIGH COURT OF KARNATKA AT BANGALORE
ORIGINAL JURISDICTION
IN THE MATTER OF COMPANIES ACT, 1956
AND
IN THE MATTER OF M/s SOUTHERN GREEN FIELDS Ltd (IN LIQN.)

APART FROM THE SALE NOTICE FOLLOWING ARE THE TERMS & CONDITIONS OF SALE OF THE LAND OF M/s SOUTHERN GREEN FIELDS LIMITED
1. The Vendor is the Official Liquidator, High Court of Karnataka and Liquidator of M/s SOUTHERN GREEN FIELDS Ltd (In Liquidation) (hereinafter referred to as the said company) which is in liquidation under the orders passed by the Honourable Court in Cop.107/99 and the sale is in pursuance of the order of Honourable High Court of Karnataka, Bangalore.
2. The EMD is Rs.10 lakhs. The EMD should be through Bank Draft/Pay order of any Nationalized or Schedule Bank in favour of the “OFFICIAL LIQUIDATOR, HIGH COURT OF KARNATKA, BANGALORE, payable at Bangalore, EMD will not carry any interest and same would be refunded within 30 days from the date of sale by way of cheque only.
3. Bank Draft/Pay Order of Co-Operative Bank/Societies/Private Banks will not be accepted
4. Inspection of the land under put for auction can be had at Sathanur Village, Denkanikoe Taluk, Dharmapuri District, Tamilandu. Between 11.00.a.m and 3.00.p.m. on 04.10.07. In the event of the intending purchasers, failing to take inspection or being unable for any reason to take inspection on the date so fixed for such inspection the intending purchaser shall be deemed to have taken inspection of the said property.

5. Tender form can be purchased on payment of Rs.1,000/- by way of Bank Draft payable at Bangalore / Cash from the O/o. the Official Liquidator, IV Floor, ‘D’ & ‘F’ wing, Kendriya Sadan, Koramangala, Bangalore – 560 034. Tender form will be made available at the premises during inspection time also against payment by cash/ Bank Draft.
6. Last date for submitting the tender complete in all aspects is 18.10.07 and the same should reach the office of the Official Liquidator at the above given address up to 6.00. p.m. Tenders would be opened on 22.10.07 at 3.00.p.m. by the Official Liquidator in his office at IV Floor, ‘D’ & ‘F’ wing, Kendriya Sadan, Koramangala, Bangalore – 560 034 in the presence of Tenderers.
7. The sale is on ‘AS IS WHERE IS AND WHATEVER THERE IS BASIS”. The rule of Caveat Emptor is applicable.
8. The tenderers prior to submitting their Tenders for assets are expected to visit and inspect the same at the site at their expenses as the same are being offered to be sold on an “as is where is and whatever there is” basis. They should ascertain on their own, all information, including technical, non-technical, and actual condition etc. of the assets under sale.
9. It shall be presumed that all the facts were taken into account by the Tenderer while submitting their tenders. The tenderer shall be deemed to have full knowledge of the assets, whether he inspects it or not.
10. The land will be sold on “as is where is and whatever there is” basis. This is to say, the tenderer(s) will be deemed to have made themselves aware of the dimension, size etc. of the land by inspecting the land before submitting their tender and no complaint / claim in this regard will be entertained by Official Liquidator or High Court after the submission of the tender.
11. The sale of assets being made by Official Liquidator is with the sanction of the Hon’ble High Court and as such shall not relieve the directors or any persons who may be liable to the secured creditors as guarantors or otherwise.

12. The Official Liquidator and the Hon’ble High Court do reserve their right to accept or reject any offer without assigning any reasons thereof. The sale shall be subject to confirmation by the Hon’ble High Court and the decision of the Court shall be binding on all the parties.
13. Tenderers would be given opportunity to improve upon their offer by way of participating in inter-se bidding immediately after opening the tender.
14. The highest offerer in the inter-se bidding shall not be eligible to withdraw his offer till the finalisation of sale proceedings by the Hon’ble Court and shall not be entitled to damage/interest on the earnest money deposited.
15. The highest bidder has to deposit a cheque for 25% of the bid amount (minus EMD) favouring the Official Liquidator, High Court of Karnataka, Bangalore, payable at Bangalore with the Official Liquidator on the day of opening the Tenders and the same shall be presented for collection upon confirmation of sale by the Hon’ble High Court of Karnataka.
16. The final offers so received will be placed before the Hon’ble Court for sanction or otherwise. If sanctioned by the Hon’ble Court intimation shall be given to the offerers within one week from the date of sanction of sale of the properties. The offerer shall pay balance purchase consideration within 30 days from the date of final acceptance of the particular offer by the Hon’ble Court.

17. The land shall be handed over to the purchaser on payment of full sale price to the Official Liquidator and subject to such directions as the Hon’ble High Court may issue in the matter.

18. If the purchaser does not pay the balance amount of purchase consideration to the Official Liquidator, as directed by the Hon’ble High Court in time, Official Liquidator shall terminate the sale and forfeit the deposit lying with Official Liquidator. The intending purchaser shall not retreat from bids made by them after the Official Liquidator accepts it.

19. The Vendor being the Official Liquidator, attached to the Hon’ble High Court of Karnataka and selling the assets pursuant to the directions of the said Court, he will not give any warranty or indemnity of any kind whatsoever.

20. As from the date of confirmation of sale of the properties sold to the purchaser, it shall be at their sole risk, cost and on account of the purchaser as regards the destruction or any damage by fire or otherwise whatsoever it may be.

21. If the purchaser fails to pay the purchase money payable by him to the Liquidator within the time specified herein above and fails to adhere to the terms and conditions of sale, then the entire amount deposited by him / her till then shall be forfeited and the Official Liquidator shall be at liberty to sell the assets by conducting sale by auction or private contract without being bound to give previous notice in writing of his intention to sell the assets at such time and subject to such conditions and in such manner in all respects as the Official Liquidator shall think proper with due sanction and orders of the Hon’ble High Court of Karnataka, Bangalore. The deficiency in price, if any, occasioned by such second sale and all costs, charges and expenses occasioned by such subsequent sale or any attempted second sale with interest there on as may be fixed by the Hon’ble Court from the date of confirmation of the first sale shall immediately to such subsequent sale be made good and paid by the defaulting purchaser by way of liquidated damages while any profit of such subsequent sale shall not belong to such defaulting purchaser.

22. The Hon’ble High Court has right to impose such other and further terms and conditions as it may deem fit and proper, in the circumstances of the case, and the said terms and conditions apart from those already specified above will be binding on all the parties concerned.

23. Conditional offers will not be entertained.

24. The tender should be accompanied by the stipulated EMD and any Tender without EMD or with insufficient EMD will be rejected and such tenderers will not be allowed to participate in further proceedings including inter-se bidding.

25. The envelope containing the offer should be subscribed with words “TENDER FOR THE ASSETS OF M/s. SOUTHERN GREEN FIELDS LTD. (IN LIQUIDATION)” and should reach the office of the Official Liquidator, IV Floor, ‘D’ & ‘F’ wing, Kendriya Sadan, Koramangala, Bangalore – 560 034 on or before 18.10.07 up to 6.00. p.m. Tenderers sending their tenders by mail will do so solely at their own risk and the Official Liquidator will not be responsible for any loss in transit or postal delay.

26. Person who has signed the tender form or his authorized representative would be allowed to participate in the tenders opening proceedings and negotiations and make bid for the purchase of assets.

27. Prospective bidders are to quote their offer in the prescribed form, only.

28. That the successful bidders/Offerers shall have to get the sale deed prepared and executed in respect of the land and building and shall have to bear all the expenses thereof.

29. No one will be allowed to purchase the property in favour of nominee/nominees nor would be entitled to assign his rights in favour of any person. The property will be registered in favour of the sale is confirmed by the Hon’ble High Court of Karnataka and not in the name of his nominees or others. Person who has signed the tender or his authorised representative would be allowed to participate in the tenders opening proceedings and negotiations and make bid for the purchase of the properties.

Visit us at: www.olkarnataka.kar.nic.in

Sd/-
BANGALORE
DATED: 20.09.07.
(ARVIND SHUKLA)
OFFICIAL LIQUIDATOR
OF M/s. SOUTHERN GREEN FIELDS LTD (IN LIQN)
Tel No. 25537742 / 25521918






Expert : R.Ramachandran

Posted On 16 May 2011 at 07:46

The auction purchaser has got the authority to say in whose name he would like to register the property. The Official Liquidator is only concerned whether the auction purchaser participated in the tender process, whether he is the highest bidder, whether he fulfilled all the conditions, and whether he made the full payment of the bid amount within the stipulated time. Once this basic conditions are fulfilled and satisfied, then in whose name the property is getting registered, or who pays the stamp duty etc. is not the concern of anybody. There is no violation of company law, stamp act or income tax act if the property is registered in anybody else's name as suggested by the auction purchaser, or if the stamp duty amount is paid by any third party. All that is required is whether the stamp duty is paid or not. That's all.



Author : M.RAMESH.NAIK

Posted On 16 May 2011 at 11:03

definitely income tax act and stamp act have a say.since nominee registration gives scope for sale to another person evading stamp duty and black money transaction. how anybody can give a property free of cost to a third party.the matter needs to be explored further and above advt of official liquidator karnataka may be refered.


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