Bombay High Court
OFFICIAL LIQUIDATOR OF GANAGE PRESSINGS PVT. LTD. (IN LIQUIDATION)versusPOSCO-INDIA PUNE PROCESSING CENTER PRIVATE LIMITED (PETITIONER)
- Decided
- Disposal
- DISPOSED OFF
- Bench
- ARIF S DOCTOR
Holding
The court confirmed the highest bids, allowed possession to be handed over after full payment, and permitted the Honda Civic to be sold as scrap.
Summary
The Official Liquidator filed a report in the liquidation of Ganage Pressings Private Limited seeking the court’s confirmation of the highest bids for two vehicles, permission to hand over possession of those vehicles after receipt of full sale consideration, and authority to sell a third vehicle as scrap due to lack of offers at the reserve price. POSCO India Pune Processing Centre Pvt. Ltd. appeared as petitioner, represented by Mr. Anirudh Hariani, while the Official Liquidator, Mr. Satyajit Roul, represented the respondent. The court examined the reserve prices fixed earlier and noted that offers for the two vehicles exceeded those reserves, whereas the Honda Civic received no acceptable offer despite an initial attempt at Rs.40,000. Accordingly, the court confirmed the highest bids, allowed the handover of possession upon full payment, and permitted the sale of the Honda Civic as scrap. The Official Liquidator’s report was thus approved and disposed of by the court.
Issues considered
- Whether the court should confirm the highest bids received for the two vehicles exceeding the reserve price.
- Whether the court should permit the Official Liquidator to hand over possession of the vehicles after receipt of full consideration.
- Whether the court should allow the sale of the Honda Civic as scrap due to absence of offers at the reserve price.
Legislation cited
Subjects
- liquidation
- official liquidator
- sale of assets
- reserve price
- scrap sale
- Companies Act 1956
Judgment
18-olr62-26.doc
vai
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
Digitally
signed by
VASANT
VASANT ANANDRAO
ANANDRAO IDHOL OFFICIAL LIQUIDATOR REPORT NO.62 OF 2026
IDHOL Date:
2026.02.10
IN
10:56:12 COMPANY PETITION NO.99 OF 2014
+0530
In the matter of Companies Act, I, 1956
And
In the matter of Ganage Pressings Private
Limited (In Liqn.)
POSCO India Pune Processing Centre Pvt. Ltd. …Petitioner
Mr.Anirudh Hariani for the Official Liquidator.
Mr.Satyajit Roul, Official Liquidator is present.
CORAM : ARIF S. DOCTOR, J.
DATE : 6TH FEBRUARY, 2026.
P.C. :-
1. The Official Liquidator has by way of the present
Official Liquidator Report seeks the following directions :-
a). In view of averments made in paragraph (7) and (8)
of the present report, whether this Hon'ble Court may be
pleased to confirm the Highest Bids as follows:
Description Reserve Price Name of the Offer Received
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18-olr62-26.doc
(In Rupees) successful (In Rupees)
bidder (H1)
Nano Tata 10,000/- Aftab Hussain 10,500/-
bearing no. Akhtar
MH12FU866 8
(Petrol)
Tata Indica 30,000/- Hitesha 32,000/-
Vista bearing Govindra
No.MH14DT Nemade
9831 (Diesel)
b) If prayer clause (a) is affirmative, whether this
Hon'ble Court would be pleased to permit the Official
Liquidator to handover the possession of said cars
lying and parked at Swadeshi Mills Compound,
Chunabhatti, Sion, Mumbai after receiving the full sale
consideration from successful purchasers within such
time as per Terms & Conditions;
c) In view of averments made in paragraph (9) of the
present report, whether this Hon'ble Court may be
pleased to permit the Official Liquidator to sale car
bearing registration number: Honda Civic - MH-14-
BC-9016 (Petrol), as "scrap" to the local vendor
directly or such other and further directions as this
Hon'ble Court may deem fit and proper;
2. Heard Mr.Hariani. He submits that insofar as even in
respect of two of the vehicles, offers have been received which are
in excess of the reserve price fixed by this Court. Prayer clauses
(a) and (b) can conveniently be allowed. Insofar as prayer clause
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18-olr62-26.doc
(c) is concerned, it is submitted that the reserve price for the
vehicle in question i.e. Honda Civic - MH-14-BC-9016 (Petrol),
no offers were received at the reserve price and thus the Official
Liquidator seeks directions to sell the vehicle as scrap value. I
have perused the report and found that the car is not entirely in a
condition. The first attempt at amount of Rs.40,000/- did not
fructify, the Official Liquidator will be entitled to be justified in
selling the said car as scrap. Accordingly the Official Liquidator’s
Report is allowed in terms of prayer clause (c).
3. The Official Liquidator’s Report is accordingly dispose
of.
(ARIF S. DOCTOR, J.)
3/3
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