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2022 (10) TMI 743 - AT - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Resolution Plan not approved - HELD THAT:- As per the order passed by the Adjudicating Authority and affirmed by us, fresh auction of the plant and machinery has to be undertaken by the Liquidator. The Highest Successful Bidder of the plant and machinery in whose favour letter of intent is issued shall be liable to deposit the entire bid amount, for which amount the plant and machinery is re-auctioned. The ends of justice be served in directing forfeiting of 10% of the bid amount deposited by the Appellant ‘Chhota’ i.e an amount of Rs.41 Lakhs. The balance amount out of the total amount deposited by the Appellant needs to be refunded subject to the condition that in the fresh auction to be conducted a higher amount is received towards 90% of the bid which may be refunded to the Appellant. In case, in the fresh auction any lesser amount is received as towards 90% of the bid, the Appellant shall be entitled to be refunded only lesser amount and not the entire balance amount. The Appeal having been entertained by this Tribunal, which is being decided by this order, the ends of justice be served in disposing of the Appeal by directing the Appellant ‘Singhi Infrapower’ to deposit the balance amount within one month from the date of this order failing which the Liquidator shall proceed with the fresh auction of the land and building forfeiting 10% of bid amount already deposited - appeal disposed off.
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