TMI Blog2022 (5) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... . When the Consequence of non-compliance of the provision is provided in the statute itself, the provision is necessary to be held to be mandatory. Item 12 provides that payment is to be made within 90 days and with interest after 30 days at the rate of 12 percent. Non-compliance of 2nd Proviso, sale shall be cancelled if the payment is not received within 90 days. The Adjudicating Authority has rightly observed that in view of the Appellant having not made payment in 90 days, Adjudicating Authority has no option except to allow the Application filed by the Liquidator for cancellation of the sale. The action taken by the Adjudicating Authority is in accordance with the statutory provisions. No error has been committed by the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which 3rd July, 2021 date was fixed as timeline for payment of balance amount of Rs. 54,75,75,000/- whereas after 3rd July, 2021 payment of the balance amount of Rs. 54,75,75,000/- with interest at the rate of 12% on or before 1st September, 2021. Appellant did not deposit the balance amount and I.A. No. 3153 of 2021 was filed by the Appellant wherein prayers contained 'a' to 'z'. It shall be sufficient to notice only prayer 'a' out of 'a' to 'z' which is as follows: (a) allow the Applicant to pay/adjust the Sale consideration in the following matter (i) INR 50 Crore/- by way of investment into the equity shares of the Corporate Debtor; and (ii) the balance amount of INR 23 Crore/- in the form of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority is left with no option but to allow the Application of Liquidator cancelling the sale of the Corporate Debtor in favour of the Auction Purchaser, in view of the failure of Auction Purchaser to make payment in terms of 2nd proviso to Clause 1(12) under Schedule I of the Liquidation Process Regulations, 2016. 5. Learned Counsel for the Appellant submits that I.A. No. 3153 of 2021 was pending and the Adjudicating Authority could have rejected the Application but the said application was kept pending. He further submits that prayers which were made in I.A. No. 3153 of 2021 some of the prayers were granted by the Adjudicating Authority in other cases. Learned Counsel for the Appellant lastly submits that he should be given some time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of 12 percent. Non-compliance of 2nd Proviso, sale shall be cancelled if the payment is not received within 90 days. The Adjudicating Authority has rightly observed that in view of the Appellant having not made payment in 90 days, Adjudicating Authority has no option except to allow the Application filed by the Liquidator for cancellation of the sale. The action taken by the Adjudicating Authority is in accordance with the statutory provisions. We do not find any merit in the submissions of Learned Counsel for the Appellant as noticed above. Prayer a in the Application which was filed through I.A. No. 3153 of 2021, itself is indicative that Appellant was never interesting in making the payment and he by different prayers wanted to p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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