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2016 (9) TMI 1049 - HC - Companies LawBidding procedures - extension of time to deposit the balance 75 % of the bid amount within 60 days from the date of acceptance of the bid - auction sales - Held that:- It is true that once the appellant has voluntarily participated in the auction as per the terms & conditions knowing it fully well certainly he could not make any claim or raise grievance at the same time it also depicts from perusal of clause-12(iii) of the terms and conditions of auction that the Ld. Company Judge reserves its discretion to extend facility of payment of the remainder amount in monthly installments if considers proper in the given facts and circumstances. Keeping in view the surrounding circumstances and the fact that if the property is now put to re- auction as pleaded by the respondents it may take another six months and with a man of ordinary prudence the price which has been fetched in the present auction there is no possibility to fetch this price within a span of six months at the same time the official liquidator has informed to this Court that the total expenditure incurred from the office of official liquidator in preparation of the valuation report and the publication of the auction notice of the subject property in question including other ancillary charges is approx. ₹ 12 Lakhs and taking the matter in totality & the fact in particular that the appellant is ready & willing to deposit the remainder of 75% along with interest @ 24% within the time which this Court may consider appropriate, in our considered view the appellant deserves indulgence to deposit the remainder of 75% of the auction sale with interest @ 24% within a period of seven days invoking clause 12(iii) of the terms and conditions of the auction notice. Accordingly, in the light of what has been observed above while setting aside the order of the Ld. Company Judge impugned dt.13-5-2016, we grant opportunity to the present appellant to deposit the balance ₹ 53,62,500 (75% remainder) + ₹ 3,93,250 (interest @ 24% for the period from 16-5-2016 to 4-9-2016)= total ₹ 57,55,750 positively within seven days from today with no further extension and we make it clear that if the appellant makes the compliance as per the terms indicated the respondent may complete the process in terms of the tender notice dt.13-2-2016 and if the appellant fails to carry out the arrangement (supra) within the stipulated period, the respondents will be at liberty to proceed further in reference to the subject property in question including re-auction, if so advised
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