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2022 (3) TMI 54 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCHSeeking extension of time to the Applicant for completing the purchase under the LOI until such time the disputes in connection with the Disputed Extent are resolved and attained finality - waiver of interest purported to be imposed on the Applicant for any delay on payment of the balance consideration - whether the Liquidator was entitled to issue a letter of intent only for an extent of 45.21 Acres as against the total extent of 47.99 Acres as described in EOI process memorandum and all other subsequent correspondence? - HELD THAT:- On perusal of Various terms and clauses of the EOI process memorandum and other consequential documents and also the applicable provisions of the Code and Regulations made thereunder and accordingly there is no merit in both the Applications and that the Liquidator is fully empowered to issue the LOI to the part extent i.e., for 45.21 Acres forming part of the total extent of 47.99 Acres of the property. The Applicant failed to show any clause or term from any of the EOI Process memorandum or any provisions or Regulations of the IBC, which prohibits the Liquidator from issuing a LOI for an extent less than the extent shown in the EOI. Application dismissed.
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