Company Petition No. 57 of 1999 · The High Court · 2025

This application coming on for orders, upon i.eading the Judge.s summons and the affidavit dated 23-06-202s fired by sri Uttam Kumar Sahoo, officiar Lrquidator attached to the High court for the state of relangana in support of the Company Application and upon hearing the arguments of Srl J.sreenath Reddy, Advocate for the Offrcial Liquidator/Applicant. The Court made the following: ORDER .THE IION'BLE SRI JUSTICE K. LAKSI'I{AN COi\{PANY APPLIC,,\TION No.82 ol' -i t25 CON{P;\NY PE-I'I1-lON No.57 of 199') I oRDr,rIt: Hcard \,tr.J.Srinaclh t{crldt,. lcarnecl conn; :l lbr the Otflcial Licluidator

2. I-liis Cornlrauv Applicltion is illecl hy rl e Oftlcial Liclurtlatol uLrdcl Section -l-57(I)(c) o1' the Corr: tnies Act. 1956 rcacl ri'iLh Rulc 9 anci II(b) ol thc Conrpltn cs (Cour-t) Rulcs. I959

3. In tlic a1'lldavit llled iu sr-rpport of this appl r ation, it is statecl that this Court [ry orrler'. clatccl ]6.0:1.200 ]. I Company Petition No.-57 ol' 1999, oldclccl rvinclirrg up o1' \tr's. Sirsilk Limited arrd appointeit the Ol'tlcial [-icluiclatol trs it; [-icluidator under l-he provisious of thc (lompanies Act, 195('. It is also stated that pursuanl- to l-hc above order, the Oftrciat t.iquidator has taken lrossession o['the ploperties o['the colnpzrr y i.c., land and site devcloprnenl- admeasuring Acs.48.23 gr rtas along with builclings and other civil works in Sy.Nos.22E .229 ParI, 2 230 Part, 23 l, 23-5, 236, 237, 2-i8 I'art. 244, 245, 246 and 241. situated at Sirltur l(arhaznagar Village (crstu,hilc Kothapet) and \{anclal. r\silabar{ Distr ict (clstrvhilc Adilabad District). 'l'clanganu State and as pcr the ol'llce records. thc C'ompany t licluidation has ouc scculccl clcditor

4. It is lurlhcr statccl that bv ordcr dated 17.03.202-5. in CA.No.72 ol'102.5 this Court pcnnitted thc Ofllcial l,icluidator to tllc rn lpplicirtion lbr sale ol'the assctsip lopcrt ies ot'tlrc ('onrl'rirrrv (in l.iqrr. ) i.c.. larrcl artd sitc clc"'elopnrcrtt adnrcasur.ius r\cs..1l{.13 gr.rutas alorrg rvith [ruildings antl otlrct civil u'olks Sy.Nos.228, 129 Part, 230 Part. 231, 2i), 236, 2-.17. l-llt ['alt. 2.1.1. ]:l-5, l-+6 ancl 247, situirtcd at Silpur I(aghaznagar \u illlgc (cr st,ui,[rilc t(othapct) anrl Mandal, Asitabacl District (erstwhilc Adilabad Districl), Tclangana State

5. lt is lirrther statcd tllat in compliance of the direction of this Court lll CA.No.47 ol'2021, the Official Liquidator has collectcd the Valuation repolt fiorn tl.re Registrar of this Coult, wherein it is statccl that as pcr tho availablc records, there is 3 one secured credik)r'to thc cornpany (ln Liqn.); th:r as pcl thc Cloult older. thc r\ssct Sale Clotnntittce \\/ ilti :o n stitutecl corn;rrising of Ol-llcial [-iqLrclator'. Assista r OI'llcial Liquidatoer ancl Ofllcer.s leprcsenting IDBI to , iscuss tltc rnodalitics o['sale ol' assets tltrough r'-auctiot't arr I lixing ol Reserve Pricc, IIMI) amoLult. lncrcmettlal bid am,t rnt, etc fbr sale of assets/1r'opcrt ie s ol thc conrl)any (in liqn.)

6. lt is ['urt-her statccl that iu thc .{sset Salc ]'onrrnittee meeting hcki on 15.0-i.202-s. it r,r,lrs obsclvccl l-hrt as irer thc valuation reporl r'cccivcd tilrrn tlie Registrl', I 'lls. N&N Engineering .r\ssociates, ValLrer lirr [:actor,v I.,r Ld & Sitc Devclopment und Builclings rucl othcr. civil u'orl.,; has givert valuatiou report fol thc immovable pr.operty i.e lr rcl ancl site dcvclopmcnt adrncasrrrirrg Acs.,18.li gLrntas . ong rv itl.r buildings ancl other-civil works in Sy.Nos.228, ll-l t Patt, 230 Paft,231, 235, 236.237,238 Part, 244,245, .1.-lt and 247, situated at Sirpur l(aghaznagar Village (elstrvhrle l(olhapet) and Mandal, Asifabad District (erst,,vhile Aclilab r I DistricL), Telangana Stato. 4

7. It is lulthcr statcd that the Asset Sale Comrnittec after duc cliscussion suggcsted to sale the above asscts/propcrtics of corlrparty (in Liqn) rn single (l) lot thlough e-auction on 'AS IS WtIERE IS AND WHA|SOEVER THLRL, IS BASIS" bV lixirrg the Rcsclvc l)r'ice and EMD (zql)'Yu <tl' Rcsclvc Price anti iucrenrentaI bid al'nounI as decided in the Asset Sale Comnrittcc urceting hcld on 15.05.2025 and aftcr due discussion, it rvas clccidcd unaniurouslv iu Assets Sale Conrnrittee nrcctiug thlt thc I{esen,e Plicc [bl sale o1' above assets/ p ropertics shall be thc Realizable Value o['the assets as pcr [hc Valuatiou Rcport. and lirrther tlre lcselve plicc. errncst luroncJ' deposit (Ll\4D), irrcrer.Liental Bid amount for cntirc 255c[5iproperties of' the company (in Liqn) as decided by the Assct Salc Clomr.nittcc ale slrowu in the tabular lillrn as detailecl in thc a fflclavit

8. Il. is fulther stated that the AsseL Sale Contmittee proposed ibr publication o1' e-auction Sale Notice for salc of tl-re subject assetsipropcrties 'AS IS WHERE IS AND WHATSOEVER THERE IS IIASIS' in (i)'The Economic I I I l I i ,+ .1', 5 Timcs', English Daily Newspaper, All India l)ditions (ii) 'Namaste Telangana'. T'elugu Daily Newspape r, alI editions covering the State of 1-elangana, or any other rr-.\s paper as decicled by this Court at DAVP/Govt. rares.

9. It is further srated that the Asset Salr Committee suggested for e-auction ofthe subject assets/propt r _ics through scrvlce provider viz., M/s Rail Tel Corporatit n of India Limited or M/s e-Procurcment 'Iechnologics .td.(auction Tiger.net) or such other agencl. whoever will ot'i r the lower sen'icc charge as this Court utay dec'm fit and ;:r tpcr in this regard and to release the service charges to e-ar_r : ion service provider fror.n the funds of the contpanv in LiquicLLr ion.

10. It is further stated that the Official Lrr tridator be permitted to fix and receive Rs.2,000/- (Non refunc able & non adjustable) towards participation fee for intendinrr hiddcr and permit the Asset Sale Committee to conduct negot ations with the three (03) highest bidders who have partici rated ln e- auction to fetch the maximurl sale price, if necessl r y 6 1 1. Having regard to the facts and circumstances of the case. the Official Liquidator is permitted to sell the assets/properties of the company (in Iiquidation) in single (1) lor i.e., land and site developrncnt admeasuring Acs.4g.23 guntas along with buildings and other civil works in Sy.Nos.22g,229 part,230 Part, 23i, 235, 236,237,238 part, 244,245,246 and 247, situated at Sirpur Kaghaznagar Villagc (erstwhile Kothapet) and Mandal. Asifabad Distrio (ersrivhile Adilabad District), Telangana State, tl.rrough e-auction scrr,.ice provider viz., M/s Rail l'el Corpor.ation of India Lirnited or M/s e_procurement Technologies Ltd.(auction Tieer.net) or such other agency whoever will ofGr the lower service, on .lS IS WHERE IS AND WHATSOEVER THERE IS BASIS, by fixing the Reserve Price and EMD (rlo% of Reservc price and incremental bid amount as decided in the Asset Sale Committee meeting held on 15.05.2025, as detailed in the affidavit annexed to this application. The draft e-auction sale notice and terms and conditions of sale of the above 7 assets/properties as appended to the present app l cation are hereby approved.

12. The Official Liquidator is permined to ptrblrs I e-attction sale tiotice fbr sale of above assets/propcfties of the Corrrpanr'- in-Liquidation in a) 'Economic Times', Englis)r Daily' Ali 't': trgu Daill" India Editions and (b) 'Namaste Telangana', covering Telangana and incur the publicatiou r I argtrs [t'otr-t and out of tire funds available in the account ol:l r' Coupany- in-l,iquidation.

13. Further, the Official Liquidatol is permittcc o return the EMD amount to the unsuccessful bidders aftcr r :tairring the EMD amount of 1",2nd and 3'd highest bidders pl''-ticipated in the e-auction till confirmation of sale by this Cou - ancl deposit ofbalance sale consideration by the SuccessfutilJi ;hest bidder'

14. The Official Liquidator is also ir' nnitted to amend/alter/modify the Sale Notice to be displz yed on web porlal as per the procedure/norms of the e-arrr tion service provider. B

15. The other incidental prayers in connection rvith cost of the application and any miscellancous expenses are also permitted to be ntet our by the Official Liquidator fionr the available funds ol the Cornpanv in li<luidation as set_out in the application is also granted.

16. Accordingly, this application is ordered. No costs. Miscellancous applicatiorrs, if anr pendinu, shall stand closed. //TRUE COPY// SD/-M.VIJAYA BHASKER JOINT REGISTRAR SECTION OFFICER To, Corporate Bhawan. Bandlaguda. Nagole. Hyoerabad 1 The Offrcial Liquidator, Iril/s. Sirsilk Limited (in Iiqn) Office at 1st floor, 2. The Reqistrar of Compani-es, tt/inistry of Corporate Affairs, Government of lndia, 2xd Floor, Corp6rate Bhawan,'Nagole Bandlaguda, Thatttannarama Vitlage, Hayathnagar' Mandal, Ranga Reddy District. Telangana State Pin Code-500068

3. The Reqional Director, South Eastern Region, Ministry of Corporate Affairs, 3'd Floo-r, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village' Hayathnagar iuandal, Ranga Reddy Distnct, Telangana State Pin Code 500068 4. The Section Officer, O.S.Section, High Court of Hyderabad for the State of S. One iC to Sri J Sreenath Reddy, Advocate for Official Liquidator. High Court Telangana for the State of Telangana(OPuC) Kam/PSL

6. Two CD Copies HIGH COURT DATED:0910912025 ORDER COMPA.No.82 ot 2025 COMPANY PETITION NO.57 of 1999 t--i*ir,\ 12 DEC ?ffi ,,,1\ 1- -,/ ,./ ORDERING THE COMPANY APPLICATION (A- Cl \L 1, l. \