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2021 (6) TMI 72 - AT - Insolvency and BankruptcyLevy of Maintenance Security Deposit in respect of the property which was e-Auctioned by the Liquidator - Section 61(1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Appellant had participated only in the 5th Auction and therefore the question of whether the ‘MSD’ charges were raised in the previous Auctions or not, is irrelevant. The draft Letter of intent and the Process Memorandum dated 21.04.2020 clearly stipulates that an amount of ₹ 6 Lakhs (approximately) towards interest bearing Maintenance Security Deposit with DLF (towards Maintenance Deposit) is to be paid and would be a part of the asset of the successful bidder. The Process Memorandum issued by the Liquidator evidences the same in Clause 14(III) and therefore the stand of the Appellant that Clause 5 of the Letter of intent should be redrafted making the ‘MSD’ a part of the total bid amount of ₹ 130 Lakhs cannot be justified. Having bid, paid the EMD and gone through the Process Memorandum and terms of LoI, the Appellant herein has exercised their choice of being a successful bidder and now cannot turn around and state that ₹ 6 Lakh amount to be paid towards statutory dues cannot be fastened upon them - Taking into consideration the current Covid situation and the facts and circumstances of the case, the Liquidator shall accept the balance sale consideration of ₹ 120 Lakhs + ₹ 6 Lakhs (MSD) without charging any interest provided the amount is deposited in the account of the ‘Corporate Debtor’ within 10 days from the date of receipt of a copy of this Order. The other directions with respect to Title deeds and documents, issued by the Learned Adjudicating Authority in the Impugned Order stand confined. There are no illegality or infirmity in the Impugned Order passed by the Learned Adjudicating Authority - appeal dismissed.
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