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2022 (11) TMI 1281 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAISeeking extension of time before the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Court No.II) for 90 days’ time, with a Bonafide request, to extend the time, to pay the balance purchase consideration, to complete the sale by exhausting all avenues, including approaching the Bank for Funding - HELD THAT:- It is an evident from the terms of Paragraph 3.2 of the Updated Process Document dated 08.04.2022, that, if there is failure to the Bid, within the time of the Letter of Intent, further consequences will flow for the Default. It is relevantly pointed out, that if a condition is to be followed by the Bidders and that when a confirmation of the Bid had taken place, then, at a later point of time, it is not open to the concerned Bidder to resile from the same and it cannot be brushed aside that the Bid is valid for a particular certain period. The Appellant / Applicant either as a matter of routine or as a matter of right, cannot lay a claim to seek for an extension of time. In this connection, this Tribunal points out that I&B Code, 2016 is an inbuilt and self-contained code. Speed is the Essence / Gist of the Code. Moreover, the Provisions of I&B Code, 2016 are summary in nature, and they are not adversarial in character. Also, that the Appellant / Applicant is bound, as per the relevant clause of the Letter of Intent concerning the Bid. No wonder, the I&B Code, 2016 stipulates the time limit that the period, in which the entire CIRP process is to be completed, with a view to ensure maximisation of value of Assets of the Corporate Debtor and to avoid depreciation value, of the property concerned. This Tribunal keeping in mind that the Appellant had defaulted in fulfilling the tenor and spirit of Letter of Intent for the second time, and also, the observations, made by the Members of the Stakeholders Consultation Committee, in their 14th Meeting held on 21.09.2022 and on a cumulative consideration of the facts and circumstances of the present Case, in a Holistic Manner, the plea of the Appellant, in seeking an extension of time, in application towards the payment of balance purchase consideration, the said request cannot be acceded to by this Appellate Tribunal, to secure the ends of justice. On going through the contents of the impugned order comes to an inevitable and unescapable conclusion that the impugned order of dismissing the application is free from any Legal Flaws - application dismissed.
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