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TMI Blog2019 (10) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... the Liquidator vide intimation letter dated 26th October, 2018 under the head Important Note - Therefore, the Liquidator has rightly forfeited the entire amount deposited by the Applicant which is completely in accordance with the terms and conditions of the Tender document, acceptance thereof and the conditions contained in the intimation letter dated October 26, 2018 sent by the Liquidator to the Applicant. Application dismissed. - MA/42/2019 in TCP/431/IB/2017 - - - Dated:- 22-7-2019 - CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Applicant : Mr Aashish Jain Lunia, Counsel For The Liquidator : M. Suresh Kumar, in person ORDER CH. MOHD. SHARIEF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Last Date for submission of e-auction tender form. Only one party M/s. Farida Shoes has submitted its Tender within the specified time limit. 2. 25-Oct-2018 Mr. S.S. Chockalingam transferred EMD of ₹ 15 Lakhs and submitted tender form with condonation of delay, citing medical reasons. In the interest of realizing better value for the stakeholders, Liquidator condoned the delay and accepted the tender form of Mr. Chockalingam and allowed him for participation in 26th October, 2018 e-auction process. 3. 26-Oct-2018 e-auction held on 25.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Last date for payment of full sale consideration. No payment received on the due date. 9. 07-Dec-2018 Liquidator had issued a letter of cancellation of proposed sale and forfeited the paid amount as per clause 12 of the Tender terms conditions. 10. 10-Dec-2018 Subsequent to cancellation of the sale and the forfeiture of the amount deposited, the Liquidator had evaluated the option of selling the asset to the next highest bidder. The second bidder had bid an amount of ₹ 2,27,92,000 during the e-auction. Hence, communication had been sent seeking thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment that was equivalent to the amount offered by the Applicant and had become the successful bidder by making the payments in time. 4. On failure of the Applicant to honour the commitment and keeping in view the objective of the Insolvency Bankruptcy Code, 2016, i.e., the maximization of the value of assets, the Liquidator has decided to sell the assets to the 2nd bidder, who has made the payment well in time. The amount of ₹ 1,30,25,000/- (Rupees One Crore Thirty Lakhs and Twenty Five Thousand only) deposited by the 1st bidder viz., Applicant was forfeited under Clause 12 of the Sale Notice, which is reproduced as under: - Type of offer and manner of payment : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Counsel for the Applicant has tried to support his contention with the case law, which is not relevant and cannot be made applicable to the facts and circumstances of the case on hand. Therefore, the detail of the case law cited need not to be discussed as facts involved in those cases are different from the facts of the case on hand. Therefore, it is necessary to refer to the relevant part of the Tender document, acceptance thereof by the Applicant and intimation given to the Applicant by the Liquidator of his success in e-auction. 7. The Clause 12 of the Tender document has already been extracted under Para No. 4 hereinabove, which clearly provides that the defaulting bidder shall have no right to claim any amount d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidator vide his letter dated 26th of October, 2018 has intimated the Applicant wherein under the heading Important Note , the following conditions have clearly been mentioned: Important note: As per e-auction terms, this intimation of your success in e-auction is conditional, and is subject to your payment of the balance dues as per the terms and conditions of the e-auction. In case of any failure in payment of the auction amount in the Liquidation account on or before the scheduled date, this intimation stands withdrawn automatically and the Liquidator reserves right to award the bid to the second highest bidder, subject to his payment. Any non-compliance of terms of this e-auction by your company ..... X X X X Extracts X X X X X X X X Extracts X X X X
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