Bombay High Court

OFFICIAL LIQIUIDATOR OF DESMO EXPORTS LIMITED(IN LIQUIDATION)versusZHEJIANG MEDICINES AND HEALTH PRODUCTS IMPORT AND EXPORT CO. LTD.

Decided: 6 February 2026
Disposal: DISPOSED OFF
Bench: ARIF S DOCTOR

Holding

The Court approved the consolidation of the plots and set the reserve price at Rs.48.00 crore with an EMD of Rs.48 lakh.

Summary

The petition was filed by Zhejiang Medicines & Health Products Import & Exports Co. Ltd. in a liquidation proceeding under the Companies Act, 1956. The Official Liquidator submitted a valuation report prepared by Shetgiri & Associates for two plots, C‑108 and C‑108/1, proposing to treat them as a single asset. The Court examined the report and considered the consolidation of the plots and the appropriate reserve price. It fixed the reserve price at Rs.48.00 crore and the Earnest Money Deposit at Rs.48,00,000. The Court allowed the Official Liquidator’s report in accordance with the prayer clauses and disposed of the petition.

Issues considered

Whether the two plots C‑108 and C‑108/1 can be consolidated and valued as a single asset in the liquidation process
Whether the reserve price of Rs.48.00 crore and EMD of Rs.48 lakh are appropriate

Legislation cited

Companies Act, 1956

Subjects

valuation
liquidation
reserve price
EMD
company law

Judgment

                                                                    40-olr159-25.doc

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

VASANT
ANANDRAO           OFFICIAL LIQUIDATOR REPORT NO.159 OF 2025
IDHOL                                 IN
                       COMPANY PETITION NO.358 OF 2016
Digitally signed
by VASANT
ANANDRAO                                     In the matter of Companies Act, I,
IDHOL                                       1956
Date: 2026.02.11
11:19:34 +0530                                    And
                                              In the matter of Desmo Exports
                                            Ltd. (In Liqn.)


              Zhejiang Medicines & Health
              Products Import & Exports Co. Ltd.                 …Petitioner


              Mr.Anirudh Hariani for the Official Liquidator.

              Mr.Satyajit Roul, Official Liquidator and Mr.J.P. Gautam,
              Dy.Official Liquidator are present.

                             CORAM : ARIF S. DOCTOR, J.
                             DATE : 6TH FEBRUARY, 2026.

              P.C. :-

              1.        Today, Mr.Hariani, learned counsel appearing on

              behalf of the Official Liquidator, has placed on record the

              valuation report submitted by Shetgiri & Associates, Mumbai.

              2.         Having perused the same, since the the consolidated

                                             1/2
                                                          40-olr159-25.doc

value of both the plots i.e. plot C-108 and C-108/1 has been given

by the Official Liquidator, since it is proposed by the Official

Liquidator both plots as one.

2.        Having perused the valuation report, I set the reserve

price at Rs.48.00 crores and the EMD Rs.48,00,000/- The reports

are put back in sealed cover and the Official Liquidator’s Report

is accordingly allowed in terms of prayer clauses (a) to (e).


                                           (ARIF S. DOCTOR, J.)




                                 2/2

Continue reading with your account

Checking your session…

Lawyer court records for this case

Associated through the court’s case reference.

Anirudh Hariani