9911796707
TMI Blog2001 (7) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... n as five per cent of the sale consideration is deposited and the first quarterly instalment is paid to the liquidator, and the bank guarantee for the remaining amount is furnished to the Official Liquidator and the Official Liquidator was directed to inform the court whether the remaining instalments have been paid on due date or not. On 20-10-2000, a notice was directed to be issued to Sri Prem Mohan Singh by registered post to show cause by 10-11-2000 as to why the earnest money of Rs. 7,50,000 deposited by him be not forfeited, as he had not complied with the terms of deposit. An application dated 10-11-2000 was filed with affidavit giving reasons as to why the applicant was not able to make balance payment. These reasons included the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect from 1-1-2001. 3. Sri Prem Mohan Singh did not avail, the options either by depositing entire amount falling due on 31-3-2001, or instalments falling due on 30-6-2001, and 30-9-2001, along with interest of 12 per cent with effect from 1-1-2001. He moved an application on 2-5-2001 giving reasons due to which he could not deposit the amount. On this, the Court gave a last opportunity to him to deposit within 15 days one-third of the balance sale consideration along with 12 per cent p.a. simple interest on the unpaid amount calculated from 1-10-2001, that is, the last date for deposit of the first of the two original instalments. Time was thus granted upto 18-5-2001 to the purchaser for depositing one-third of balance sale considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50,82,500 (that is, amount of cheque minus collection charges) to the Official Liquidator and upon tendering of bank draft, the cheque was to be returned. The matter came up thereafter on 11-7-2001. On that date, Sri R.P. Agarwal, Advocate, appearing for Sri Prem Mohan Singh requested time to find out as to why the draft could not be deposited. The Court found that in the background, the Court was left with no option but to consider the matter for forfeiture of earnest money on 18-7-2001. Today when the matter was taken up, Sri Prem Mohan Singh is present in person with his advocate, Sri R.P. Agarwal. He has filed an affidavit giving reasons as to why he could not deposit the instalments. In paragraph 5 - he has stated that his father ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that in case the applicant is permitted to deposit the entire amount by 30-9-2001 with 12 per cent interest, the Official Liquidator shall not suffer in any manner inasmuch as he will be adequately compensated with interest. 6. From the aforesaid facts and circumstances and background of the case detailed as above, and the reasons given in the affidavit of Sri Prem Mohan Singh filed today, I find that he has not only failed to avail repeated opportunities given to him to deposit the money in instalments, but has misused the leniency and accommodation given by this Court for permitting him to pay the amount. His request for deferment of payment by fixing instalments was accepted thrice by the Court. It appears that he is simply dela ..... X X X X Extracts X X X X X X X X Extracts X X X X
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