Excelsior Correspondent
JAMMU, Sept 7: Justice Rahul Bharti of High Court of Jammu & Kashmir and Ladakh has directed official liquidator to appear on September 25 in the case title M/s Essem Coated Steels (J&K) Ltd Versus Board of Industrial And Financial Reconstruction.
Advocates Inder Jeet Gupta and Yatin Mahajan appeared on behalf of the ex-Director and Advocate M P Gupta appeared on behalf of State Bank of India. M/s Essem Coated Steel (J&K) Ltd was ordered to be wound up as per the directions of court passed on 09/07/2003 in Company Petition No. 2/2001 and the official liquidator attached to the High Court was appointed as liquidator inter-alia with the directions to take over charge of assets of the company and to proceed in this matter in accordance with law.
The court vide order dated 19/09/2023 appointed Mohd. Nazir Fida (Retired District & Sessions Judge) as a Commissioner for carrying the commission of cleaning the leasehold premises of the petitioner-company by engagement of men and machinery as required for the requisite purpose.
Commissioner in his report dated 06/02/2024 stated that as per the directions of the 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 along with the land comprising of 168 kanals at Khonmoh.
The court vide order dated 07/06/2024 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.
On 04/09/2024 no report was filed by the official liquidator and court observed, “for the last number of dates, there has been no representation of the official liquidator in this case. Accordingly, notice shall go to Rajneesh Kumar Singh, who is now present official liquidator, for his appearance in the case on the next date of hearing”.
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