HCOS Rules 76Aअध्याय XII · Rehabilitation of Weak Societies

धारा 76A · Transfer of assets and liabilities of sick societies by sale

- The Registrar may, on the basis of an enquiry of the sick society conducted through a general or special order and after consulting the Government and the financial institutions of the sick society, ask its committee to transfer its assets and liabilities by way of sale to another society, firm, body or company within a period of Ninety days from the date of issue of such order as indicated in Annexure `A' on the following terms and conditions :-

(a)

The society, firm, company or body shall remit to the sick society the entire payment in lump sum through a demand draft in favour of the sick society within such period as may be mutually agreed upon between the sick society and the proposed firm, company, body or society.

(b)

The sick society shall hand over the vacant possession of the entire premises including entire machinery, furniture and fixture, land and building, stock, raw material, finished goods etc. on a specific date as may be mutually agreed upon.

(c)

On the completion of the proceedings of sale, the society, firm, company or body acquiring ownership rights of the sick society, shall not use the word "Co-operative" in any form and in any transaction with the new name of the Organisation and it would cease to be a cooperative society under the Act. The Registrar shall cancel the registration of such society and shall inform the concerned financial institutions accordingly.

(d)

Pursuant to opportunity provided to the Committee of the sick society under Section 14A(2) of the Act, it will be obligatory on the part of the Registrar to satisfy and dispose of objections/claims put forward by the members of the Committee of the sick society and the creditors thereof and the Registrar shall inform the Committee about the disposal of the objections/claims.

(e)

The Registrar shall proceed to get a sale officer appointed after seeking prior approval of the Government for the purpose of conducting sale under these Rules.

(f)

If the committee of the sick society fails to act within a period of Ninety days under Annexure `B', the Registrar shall, on the expiry of the period of Thirty days under the said Annexure-B, proceed to issue notice of sale by indicating complete substance of the intended sale in atleast two local daily newspapers published from State headquarters having wide circulation and one National Daily published from New Delhi having wide circulation by giving complete lits of the property, assets, machinery, stock, furniture and fixtures and further bound the prospective bidder/bidders to deposit a sum of money equal to 10% of the notice of the entire property both moveable and immovable mentioned above.

(g)

The proclamation of sale shall also be circulated/published by affixing notices in the office of Assistant Registrar's, Deputy Registrar's, the sick society and other relevant place/places which are directly or indirectly concerned with the functioning of the said sick society and will give at least Thirty days time to materialise the entire sale process. Prior to two consecutive dates before the commencement of the date fixed for sale, the sale officer shall also announce by beat of drum in the locality/village/town by assuring himself that the details of the said property are being brought to the notice of public at large through beat of drum in a fairly reasonable manner. The proclamation shall state the time/place of sale and [complete particulars and specifications] [Substituted for the words 'specify as fully and accurately as possible about the nature' by Haryana Notification No. S.O.5/H.A. 22/1984/Ss. 131 and 14A/2007. Dated 19.1.2007.] of the property to be sold and any encumbrance to which the property of the said sick societies is liable and shall keep necessary record thereof.

(h)

The sale officer shall proceed to get assessed the market value of the property, assets, machinery, furniture and fixtures, stock, finished goods etc. from the Government approved contractors/valuer on "as is where is basis" and shall also ascertain their price at his own level by studying the prevalent trends of these commodities in these market and shall forward a written proposal in this regard to the Registrar for his approval. In case of landed property situated in urban/semi-urban and rural areas, the Registrar shall be guided by the latest guidelines of different authorities i.e. Haryana Urban Development Authority, municipal committees/corporation and Revenue Department guidelines etc. etc.

(i)

The sale shall be made after sun arise and before sun set and not any other time.

(j)

The sale officer shall ensure that when the deal is materialised the sum offered by the purchaser is not less than the market value of the property/assets and shall, as nearly as possible, ensure that it is sold at the competitive price and not through a throw-away deal.

(k)

The sale officer shall also ensure that the time limit set out in the notice published for sale does not affect those finished goods which are subject to speedy and natural decay and would cut short the period of notice accordingly.

(l)

The sale shall be by proclamation to the highest bidder provided that it shall be open to the sale officer to decline to accept the highest bid when the price offered appears to be unduly low or for some other reasons and may after consulting the Registrar may adjourn the sale to a specified date and hour after recording the reasons for such adjournment, where the sale is adjourned for a longer period than seven days, a fresh proclamation under clause `g' above shall be made again.

(m)

At any time within thirty days from the date of the sale of immovable property and other assets, the Registrar may either suo motu. - or on the complaint of a person whose interest are affected by the sale, by getting an enquiry conducted, set-aside the sale on grounds of material irregularity or mistake or fraud in conducting the sale.

(n)

The purchaser of the proposed sick unit at the end of final settlement shall be liable to pay to such employees whose services are not taken over by the purchaser, such sums as may be awarded by the competent courts in terms of the provisions of the Industrial Disputes Act 1947 (Act 14 of 1947).

(o)

The amount left after meeting the liabilities, shall be disposed of by a person authorised by the Registrar in this regard in the manner prescribed in Chapter-XV of these Rules pertaining to winding up of cooperative society.

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