The High Court · 2025

Petition under Section 457(1)(c) of the Companies Act, 1956 r/w g and .l .l (b) of the companies (court) Rures, 1959 pray.ing that in the circumstances -oe stated in the affidavit fired in support of the p"titi"or, the High court may pleased to permit the officiar Liquidator to se[ the entire assets/properties of the (in liquidation) in two (2) lots through e_auction on ,,AS lS ."-o..1p31y WHERE lS AND WHATSOEVER THERE tS- BAS|S,, by fixing the Reserve Price and EMD i 0 percent of Reserve price and incremental bid amount as decided in the Asset Sale Committee meeting held on 24-12-2024 which are as under: Description of Property Reserve Price (R.P.) (Amount in Lakhs) Earnest f Money Deposit (E.M.D.) lncrementa I Bid Amount (Amount in Lakhs) L Rs. tlot No 1! l- Sc hed u led Tribes or a (f or Soc iety which is Re tstered composed sol elv of m ember of the Scheduled Tri bes I I I I Land to an extent of Ac 15.14 cents (Ac.10.62 cents in Sy No 12Bl.1 and 4c.0.27 cents in Sy No 12812 at Rampabhodavaram Village and Taluk and Ac.4.25 cents in Sy.No. 4511 at Sirigindalapadtl Village and Rampachodavaram Taluk) alongwith Civil works, Plantatron, Machinery, Furniture and Scrap etc. situated it Rampachodavaram Sirigindalapadu Viilages, Rampachodavaram Ta luk. Rtturi Sitharama Raju D istrict, Andhra Pradesh Lot No 2: for General Public Machinery, Furniture. & Scrap and Teak Plantation/Teal Trees situated at the lactory premises of the company 1in Liqn.) located at Rampachodavaram Sirigindalapadu Villages, Rampachodavaram Ta lu k, Alluri Sitharama Raju Distnct, Andhra Pradesh l I I l 585 585 60,000/- l-

3.8 20,000/- II, After e-auction this Hon,ble Court may be pleased to permit the Asset a.?]u Co-mmittee comprising of bfi"iat t_rquidator and other officers/officia rs of officiar Liquidator's office to lonouct negotiations with the three (3) highest bidders of both lots who have participated in e-auction tc fetch maximum sale price, if necessary. permit the 'Jfficiar Liquidator to se the above assets / properties of the company (in tiquidation) !L9l l9 ] & Lot No 2) thiough e_auction service provider viz., M/s. Rair rer corporation of india Liirited or M/s. e-Procurement Technologies Ltd. (auction Tiger net) or such other agency wh.ever wi offer the lower service Jharge as this Hon,bre court may rJeem fit and proper in this regard anJ to-rerease the service charges to e-auclion service prorldu,. trom tne Estate and Establishmernt Fund account subject to recouping the same on I I realization of the assets/p rope rties since the company (ln Liqn.) has no fu nd s. consider and approve the above draft e-auction sale notice, Terms and Conditions and Online e-auction Bid form for sale of above a ssets/properties of the company (in liquidation) in two (2) lots which are annexed vide Annexure - "B" permit the Official Liquidator to publish e-auction sale notice for sale of above assets/prope rties of the company (in liqn.) in three newspapers (i) "The Economic Times" English Daily Paper, all lndia n amely (ii) "Namaste Telangana" Telugu Daily Newspaper, all Editions covering the State of Telangana and (iii) "Andhra Jyothi" editions Daily Newspaper, all editions covering the State of Andhra Telugu or anf other news papers as may be decided by this Hon'ble Pradesh DAVP / Govt. rates as this office is a Central Government Court at office attached to Hon'ble High Court of Telangana and Andhra Pradesh and also permit the Official Liquidator to release the publication charges to the above newspaper publishing companies irom the Estate jnd Establishment Fund account, subject to recouping the same on realization of the assets/p rope rties since the company (ln Liqn.) has no funds. peimit the Official Liquidator to fix and receive Rs.2,0001 (Non refundable and non adjustable) towards participation fee for each bidder. permit the Official Liquidator to return the EMD amount to the unsuccessful bidders after retaining the EMD of 1't , 2nd and 3'd highest bidders of both lots participated in the e-auction till co-nfirmation of sale by this Hon'ble Court and deposit of balance sale consideration by the Successful / Highest bidder. permit the Offiaial Liquidator to amend/alter/mod ify lhe sale notice 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 from the Estate and Establishment Fund account since the company (ln Liqn) has no funds' This application coming on for orders , upon reading the Judge's summons and the affidavit dated 27 -12-2024 and filed by sri Uttam Kumar Sahoo , official Liquidator attached to Telangana High Court in support of the Company Application and upon hearing the arguments of sri srinadh Reddy, counsel for the Official Liquidator for the Applicant. COMPA.No.g of 2024 in R.C.C.No.2 of 2013 Between: M/s, Godavari Plywood Ltd., (ln Liqn.) Rep' by the official Liquldator, attached to the Hon,ble High court of Telangana and Andhra Pradesh. 1'' F loor. uorporale Bhawan, Bandlaguda, Nagole, Hyderabad - 500 068. ...Applicant Application under section asz()(c) of the companies Act, 1956 read with Rule 9 and 11 (b) of the companies (court) Rures, 1959, praying that this Honlote Court may be pleased to. i. permit the officiar Liquidator to sefl the entire assets/properties of the company (in tiquidation) through e_auction on ,,AS lS WHERE lS AND WHATSOEVER THERE rs BASrs" by fixing the Reserve price ano EMD 10 percent of Reserve price and incrementar bid amount as ' decided rn the Asset sare committee meeting hercr on 23-04-2024 which are as u nder. Description of Assets / properties and Situation thereof Reserve Price Rs. I I I I Ea rnest Money Deposit (E.M.D.) (10% on Reserve Price) Rs. l lnc remental Bid Amount Rs. I l 6,23,00,000/- 62,30,000/- 2,00,000/- Land to an extent of Rc tS.t+ cents (Ac.1 0.62 cents in Sy No 1 28/1 and Ac.0.27 cents in Sy No 128/2 at Rampachodavaram Village and Taluk and Ac.4.25 cents in Sy. No. 45/1 at Sirigindalap{du Vi age and Rampachodivaram flB tukl alongwith Civil works, Plantation. lrl1achinery, Furniture and Scrap etc., situated it Rampachodavaram Sirigindalapadu Viilages, Rampachodavaram Taluk. Alluri Sitharama Raju t)istrict, Andhra Pradesh After e-auction this Hon'ble Court may be pleased to permit the Asset ajlu Co-nrmiltee comprising of bfi"i"t Liquidator and other officers/officia rs of officiar Liquidator's office to conduct negotiations with the three (3) highest bidders who have participated in e-auction to fetch maxilnum sale price. if necessary. permit the cfficiar Liquidator to se, the above assets / properties of the :oTpTy ( n hquidation) through e-auction service provrder viz., M/s. Rail. Tel Corporation of lndia f,miteO fils e_procurement Technologies Ltd. (auction Tiger.net) or such otnui'rgun"V whoever will offer the tower service charg- as tnls Hon;ote Cori-rry deem fit and -oi' ii. iii. -Telugu ',.Andhra Telangana,, proper in this regard and to rerease the service charges to e-auction service provider from the Estate and Estabrishm"ni rrno-"..ornt subject to recouping the same on realization of tfre asseislp rop"rti", since the company (ln Liqn.) has no funds. consider and approve the above draft e_auction sale notice, Terms and Conditions and Online e-auction Bid form for sale oi ,Oou" assets/p roperties of the company (in riquidation) in two- (i; roi, *t i"r.., are annexed vide Annexure _,,F', iv. permit the official Liquidator to publish e-auction sare notice for sale of above asse_ts/properties of the company (in liqn.) in three n"*rp"p"r, namety (i) ,,The.Economic Times,, engfisn oiity ru"*.prp"i, nillloi" Editions (ii) ,,Namaste baity Newspaper, aff editions coveling the state of rerangana ind (iii) .lv"*,i,, Telugu Daily Newspaper, all editions- covering the State ot dnOnra Pradesh or any other news papers as may be iecided Oy tnL ffon Ole C_o.urt at DAVp / Govt. rates as this office is a Centrai Government office attached to Hon,ble nigh Court of Telangana nnJf,r" Pradesh and also permit the Official Liquidatoi to release the publication charges to the above newspaper publishing companies from the Estate and Estabrishment Fund accouni, subject-to recouping the same on rearization of the assets/properties since'the ni 1rn Liqn ) has no funds. permit the Official Liquidator to fix and receive Rs.2,0001 (Non refundable and non adjustable) towards participation fee for each bidder. vr. permit the official Liquidator to return the EMD of unsuccessful bidders after retaining the EIvID of .l"t , 2nd and 3d -;iSh*, ;;;;;r. participated in the e-auction tiil confirmation of sare oi ilri. n", tr" Court and deposit of balance sale consideration by the Sr""".rfut I Highest bidder. vii permit the officiar Liquidator to amend/arter/modify the sare notice to be disprayed on web portar as per the procedure/ norms of the e_ auction service provider. viii order the cost of this apprication do come out from the Estate and Establishment Fund account since the company (ln Liqn) has no funJs. This application coming on for orders , upon reading the Judge,s summons and the affidavit dated 'r2-06-2024 and fred by sri Uttam Kumar Sahoo , officiar Liquidator attached to Telangana High Court in support of the Company Application and upon hearing the arguments of sri srinadh Reddy, counser for the Official Liquidator for the Applicant. "tr-p-. "nO v. The Court made the following: ORDER THE HON'BLE JI'STICE MOUSHUMI BHATTACHARYA I.A.No. 1 of 2O24 IN COMPA.No .9 of 2o24 AND COMPA.No. 9 of 2o24 lN R.C.C .No2 of 2O13 Sri Srinadh Reddy, learned counsel for the Ofhcial Liquidator' ORDER: This Application is filed under Sections a57(1](c) of The Companies Act, 1956 read with Rules 9 and 1 1(b) of The Companies (Court) Rules, 1959 for the following reliefs: i. Permit the Ofhcial Liquidator to sell the assets/ properties of the Company-in-Liquidation in two (2) lots through e-auction on "As is Where is and Whatsoever there is basis" by frxing the EMD @ 1O96 of Reserve Price and incremental bid amount as decided in the Asset Sale Committee meeting held on 24.12.2024 as tabled in the alFrdavit filed along with this application being Lot Nos.1 to 2 and after e-auction of the said assets/ properties, necessary permission may be gralted to Sale Committee Comprising of the Offrciai Liquidator ald other oflicers / of{ici als of the Official Liquidator's offrce herein to have negotiations with three (3) highest bidders who participated in the e-auctior:. to fetch maximum sale price' ii. Permit t'l.e Offrcial Liquidator to sell the assets/properties of the company (in liquidation) through e-auction service provider viz. M/s.Rarl Tel Corporation of India Limited or M/s'e- Procurement Technologies Ltd (auction Tiger'net) or such agency as ttris Hon'ble Court may deem fit and proper ln this regard and to release the service charges to e-auction service provider from the Estate and Establishment Fund account subject to recouping the sane on realization of the j ) assets/properties since the Company-in-Liquidation has no funds. iii. Consider and approve the &aft e-auction Sale Notice and Terms and Conditions for sale of above assets/properties of the Company-in-Liquidation in two (2) lots which are annexed ude Annexure-B; iv. Permit the Official Liquidator to publish e-auction Sale Notice for sale of above assets/properties in three news papers namely (i) 'Economic Times', English Daily, all India editions, (ii) 'Namaste Telangana', Telugu Daily a-ll editions, covering Telangana and (iii) 'Andhra Jyothi' Telugu Daily all editions, covering Andhra Pradesh or any other newspapers as may be decided by this Honble Court at DAVP / Government rates as this Oflice is a Central Government oIlice attached to Honble High Court of Telanga-na & Andhra Pradesh a-nd also permit the Official Liquidator to incur publication chargeq from the Estate and Establishment Fund account subject to recouping the same on realization of tJ:e assets/ properties since the Company-in- Liquidation has no funds. v. Permit the Offrcial Liquidator to fix and receive Rs.2,O00/- (Non refundable & non adjustable) towards participation fee for each [,ot. vi. Permit the Official Liquidator to return the EMD amount to the unsuccessful bidders after retaining the EMD amount of lst, 2nd and 3.d highest bidders of both lots who participated in the e-auction till confirmation of sale by this Hon'ble Court and deposit of balance sale consideration by the Successful/High bidder. vii. Permit the Offrcial 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. 3 vii. Permit the Ofhcial Liquidator to amend/alter/modi{v the sale notice to be displayed on web portal as per the procedure/ norms of the e-auction service provider. viii. Order the costs of this application to be incurred the Estate and Establishment F\rnd since the Company-in-Liquidation has no funds.

2. Heard Sri J.Srinadh Reddy, learned Standing Counsel for the Official Liquidalor, and perused the record.

3. trarned counsel for the Official Liquidator submits that this Court, by order dated 14.09.2015 in RCC.No.2 of 2013, ordered winding up of the Company i.e. M/s.Godavari Pl5rwood Ltd., (Company-in-Liquidalion).

4. karned counsel for the Official Liquidation further submits that this Court, by order dated I8.1L.2023 in C.A.No.166 of 2023, permitted the (Xhcial Liquidator to sell the assets of the Company- in-Liquidatioir as per valuation report submitted by the Er.Badam Sundara Rao, Sundar Associates.

5. I-earned counsel for the Official Liquidator further submits that though as per the valuation report, the Company-in- Liquidation is having a total of Ac.15-14 cents of land available for sale. , l1 -l

6. So far as the Plant and machinery IS concerned, it ts submitted that as per the Asset Sale Committee meeting held on 24.12.2024, the realisable value of plant and machinery was decided to be 859o of the Fair Market Value' Thus' th,e realizable value of plant and machinery is Rs'35 lakhs' Finally, it is submitted that permission may be accorded to 7 . seli the assets/ properties of the Company-in-Liquidation by dividing them into two (2) lots in the manner agreed by the Asset Sale Committee meeting held on 24'12'2024' 8. Having regard to the facts and circumstances of the case' the Official Liquidator is permitted to sell the assets/ properties of the Company-in-Liquidation in two (2) lots (l'ot Nos'1 and 2) through e-auction on 'As is Where is and Whatsoever there is basis" by fixing the reserve price for each lot and the reserve price as EMD and incremental bid amount as decided in tlle Asset Sale Committee meeting held on 24.12'2024' as detailed in the alhdavit annexed to tltis The draft e-auction sale notice and terms and conditions for sale of the above assets/ProPertles AS appended to the Present application is aPProved' g. The Offrcial Liquidator is permitted to publish e-auction sale application. noticeforsaleofaboveassets/propertiesoftheCompany-in- Liquidation in (i) 'Economic Times" English Daily' all India 'Namaste Telangana', Telugu Daily' all editions bd{ions, (ii) '; 5 coverlng Telangana and (iii) Andhra Jyothi' Telugu Daily, all charges editions covering Andhra Pradesh and incur the publication from and out of the funds available account of the Company-in-Liquidation. The other incidental prayers in connection with cost of the application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the availabie funds of Estate and Estabtishment Fund account as set-out in the application is also granted.

10. Accordingly, this application is ordered. There shall be no order as to costs. //TRUE COPYII Sd/. M. VIJAYA BHASKER NT REGISTRAR EGTION OFFICER \ To,

1. The Official Liquidator, M/s.Godavari Plywood Ltd., Office at 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068.

2. The Registrar of Companies, Ministry of Corporate Affairs, Government of lndia 2nd floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 500 680

3. The Regional Director, South Eastern Region, Ministry of Corporate Affairs, 3'd floor Corporate Bhawan, Nagole, Bandlaguda. Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State, Pin Code 500 680.

4. The S.O O.S Section, High Court at Hyderabad, for the State of Telangana. 5. One CC to Sri J. Srinadh Reddy, Counsel for Official Liquidator, High Court for at Hyderabad [OPUC]

6. Two CD Copies kanr/gh *- HIGH COURT DATED:0810112024 I I ilE SiA €'r 't ^'( c) \:; 1E F rB 2r,5 ! i .: ./ +./ \;.- :::*f ORDER l.A.No.1 ot 2024!N COMPA.No.g of 2024- AND COMPA.No.9 of 2024lN R.C.C.No.2 ot 2013 lA No. 1 ot 2024 in COMPA No. 9 oI 2OZ4 THIS COMPA 9124 & ORDERED 4U