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Judgment
ORDER
Learned counsel for the Financial Creditor appeared via video conference.
IA No. 583/2021:
Learned counsel for RP appeared in person.
This is an application filed by the RP for the approval of the Resolution Plan. The valuation has been undertaken by the two valuers for the valuation of the land, plant and machinery of the Corporate Debtor. The valuation undertaken by M/s. Kakodi Associates stood at Rs. 34.71 crores and whereas, another valuer Mr. Rakesh Narula had assessed the valuation at Rs. 32.95 crores.
This bench consisting of both the Members i.e., Member Judicial and Member Technical personally have fair knowledge of the topography of the Hyderabad city and has reasonable knowledge of the property values situated at various places. In view of the same, this bench is of the considered view that the valuations undertaken by both the valuers is not correct and the value of the land and buildings apart from that of plant and machinery is itself far above the values that has been projected in the valuation reports.
In view of the above, we hereby appoint Mr. N. Malikarjuna Setti and Mr. Madasa Kumar, as commissioners to independently get the valuation done by employing right persons and submit a report to this bench within two weeks.
Both the independent Commissioners i.e., Mr. N. Malikarjuna Setti and Mr. Madasa Kumar shall be paid an amount of Rs. 50,000/- each as Commissioner's fees by the Resolution Professional.
We hereby direct both of them to get the actual market value of the property situated at various locations without being influenced by any factors.
The Resolution Professional is directed to further provide the security details, if any of those properties and also to provide all the details of the properties to both the Commissioners. The Commissioners are also directed to submit their report in a sealed cover.
The learned counsel for the Financial Creditor i.e., Canara Bank is also directed to furnish valuation of the property which was assessed at the time of sanctioning of the loans and also valuation, if any, carried out in recent time, the same may also be submitted.
List all other matter for further consideration on 04.04.2022.