AXIS TRUSTEES SERVICES LTDversusOFFICIAL LIQUIDATOR OF THE HIGH COURT BOMBAY

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                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                    ORDINARY ORIGINAL CIVIL JURISDICTION


                   INTERIM APPLICATION NO. 8126 OF 2025
                                           IN
                   COMPANY APPLICATION NO. 425 OF 2018


Axis Trustees Services Ltd                                               ...Applicant
        Versus
Official Liquidator Of The High Court Bombay                             ...Respondent


                                          WITH
                 OFFICIAL LIQUIDATOR REPORT NO. 77 OF 2025
                                           IN
                       COMPANY PETITION NO. 488 OF 2015


                                                 In the matter of Companies Act, I
                                                 of 1956;
                                                                  And
                                                 In   the       matter      of    Elder
                                                 Pharmaceuticals           Ltd.     (in
                                                 Liquidation)


Puspasen C. Jhaveri,                                            ...Petitioner
                                      _______
Mr. Ansh Karnawat a/w Harsh Kumar i/b Vinita Hombalkar for Applicant.
Mr. Chinmayee Ghag i/b Zastriya for Novelty Power & Infratec Ltd. (Noticee)
Ms. Akanksha Agrawal, for Official Liquidator.
Mr. Satyajit Roul, Official Liquidator.
Mr. Chetan Shelke, Dy. Official Liquidator present.
                                      _______
                             CORAM          :    ARIF S. DOCTOR, J.
                             DATE           :    20th FEBRUARY, 2026




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P.C.


1.      The Interim Application seeks the following reliefs:

             “a) In view of the submissions made in paragraph (16) and (17) of this
             report, whether this Hon'ble Court be pleased to direct Noticee-1 i.e.
             Novelty Power and Infratec Ltd. to produce the paper/documents in respect
             of ownership of 4th Floor of the said Elder House before this Hon'ble Court
             within 7 days from the date of passing of the order;

             b) If, Novelty Power and Infratec Ltd. fails to produce the paper/documents
             in respect of ownership of 4th Floor of the said Elder House, the Noticee-1
             i.e. Novelty Power and Infratec Ltd. to handover the physical possession of
             the said 4th Floor of Elder House, Plot No.C-9, Dalia Industrial Estate, Off.
             Veera Desai Road, Andheri (West), Mumbai-400053 to the Official
             Liquidator within 7 days from the date of order of this Hon'ble Court;

             c) If prayer clause (b) is affirmative, this Hon'ble Court be pleased to permit
             the Official Liquidator to appoint a valuer from the panel of the Official
             Liquidator for the purpose of valuation of the said 4th Floor of Elder House,
             Plot No.C-9, Dalia Industrial Estate, Off. Veera Desai Road, Andheri (West),
             Mumbai-400053 and also to permit the Official Liquidator to pay the
             valuation fees of the said valuer out of the funds lying to the credit of the
             Company (In Liquidation) after deduction of applicable taxes;”

2.      Ms. Agarwal, learned counsel appearing on behalf of the Official

Liquidator points out that the prayer clause ‘a’ and ‘c’ are today infructuous

since said articles and other belonging of the Company in liquidation, no longer

are used in the premises in question. Learned counsel for the Applicant confirms

this fact.

3.      Thus, the submissions of Ms. Agarwal is correct and prayer clause ‘a’ and

‘c’ are infructuous. In so far as prayer clause ‘b’ is concerned, Mr. Ghag submits

that the same can be granted. The Applicants would have to furnish to the

Official Liquidator any such bills or proof in connection with the payments that

are sought for, none have been furnished. Therefore, let the Applicants submit to



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the Official Liquidator by way of Affidavit any such charges, costs and expenses,

which according to the Applicants, they are entitled to. Let this be done within a

period of two weeks from today. The Official Liquidator shall have a period of

two weeks to consider the same.

4.      In view of the above, nothing survives in this Application, hence the same

is thus accordingly disposed of.

5.      Needless to state that the Applicant shall be at liberty to file any

proceeding in the event, the Applicant is aggrieved by rejection of its claim.

IN OFFICIAL LIQUIDATOR NO. 77 OF 2025:

6.      Time to file rejoinder is extended by a period of two weeks from today.




                                                  [ARIF S. DOCTOR, J.]




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