TMI Blog2020 (9) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... Even though the time sought by the Applicant had already elapsed, considering the overall situation, the Applicant is allowed to make the balance payment along with interest at the rate of 12% per annum within 30 days from the date of this order. Application allowed. - I.A. No. 1193/2020 in C.P. (IB) No. 1339/NCLT/MB/2017 C.P. (IB) No. 1339/NCLT/MB/2017 - - - Dated:- 9-9-2020 - Hon ble Janab Mohammed Ajmal , Member ( Judicial ) And Hon ble Shri V. Nallasenapathy , Member ( Technical ) For the Applicant : Advocate Pulkit Sharma i/b Advocate Pranali Gada For the Respondent : Advocate Vibhor Kapoor i/b Rajani Associates ORDER Per : V. Nallasenapathy, Member ( Technical ) 1. This is an Application filed by the purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 4. Accordingly, e-auction was conducted by the Respondent on 03/01/2020 and the Applicant became the highest bidder for the property for a sum of ₹ 46.01 Crores and the Applicant paid an EMD of ₹ 4.60 Crores. 5. Respondent/liquidator by his letter dated 04/01/2020 accepted the bid of the Applicant and the letter of acceptance provided for the following terms and conditions: a) 25% of the bid amount as reduced by the Earnest Money Deposit to be paid by 03/02/2020; and b) the balance 75% of the bid amount to be paid by 04/04/2020 along with simple interest at the rate of 12% per annum for any payment made after 30 days of the letter of acceptance. 6. The Applicant submits that he has remitted sum of ₹ 7 Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. and due to this there is delay in disbursement of the loan. 10. The Applicant further submits that he has made payment of another ₹ 2 Crores and now balance payable is ₹ 32.41 Crores plus interest and applicable security charges. 11. The Applicant to buttress his point that the extension has to be granted, relied on the order of the Hon ble NCLT Ahmedabad Bench dated 27/05/2020 in the case of Sunilkumar Agrawal, Resolution Professional, Digjam limited .V/s .Suspended Board of Directors of Digjam limited in I.A. No. 144/2020 in C.P. 594/2018, wherein considering the Covid-19 situation and on-going lockdown, time was granted for making payment to the financial creditors and other stakeholders. 12. The liquidator was pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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