9911796707
TMI Blog2024 (11) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Counsel for the Appellant has submitted that Additional Affidavit has been e-filed on 11.11.2024. Physical Copy has also been handed over to the Court. 3. This Appeal has been filed challenging the Order passed by the Adjudicating Authority dated 11.12.2023 in IA 626/2022. IA was filed by the Appellant praying for following reliefs : "a) setting aside the cancellation of sale certificate issued by the Respondent on 13.01.2022; b) Appointment of a local commissioner to verify the machinery mentioned under the tender document and as per valuation report annexed to the application; c) Grant Stay on auction going to be conducted on 08.02.2022 by the liquidator; and d) Direct the Liquidator to refund the EMD amount of Rs.58.10 Lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocuments and further even the Sale Certificate which was issued by the Appellant also provided in Clause 9 that LoI be issued. LoI having not been issued, the Liquidator could not have forfeited the EMD and cancelled the Sale Certificate. 6. Learned Counsel for the Liquidator opposing the submissions of the Counsel for the Appellant contends that more than three opportunities were given to the Appellant to pay the balance amount in which the Appellant failed. It is submitted that Sale Certificate was already issued on the receipt of EMD and further payment of Rs.58.10 Lakhs and the Appellant having not paid the amount, Liquidator had no option except to cancel the Sale Certificate and forfeit the EMD. 7. We have considered the submissions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.2021 has been communicated that Appellant is a Successful Bidder and he was asked to follow the terms and conditions of the bid document. It is also on the record that Appellant made further payment of Rs. 58.10 Lakhs as 2nd instalment and the sale certificate was issued thereafter by the Liquidator. 11. Learned Counsel for the Appellant contends that Sale Certificate also contained the Clause 9 which provided for issuance of LoI. He has referred to Clause 9, which is to the following effect: "9. As per Clause 12 of Terms & Conditions of EAuction the purchaser shall have to deposit the balance sale consideration within 60 days of Letter of Intent, payments made after 60 days shall attract interest at the rate of 12% per annum. The sal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
