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TMI Blog2020 (9) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... 339/NCLT/MB/2017 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor by this Bench on 07/11/2017 and this Bench has passed an order for liquidation of the Corporate Debtor vide order dated 12/03/2018 in MA. No. 88/2018. 3. It is submitted that the Respondent's attempt to sell the property through public auction did not initially succeed in the public auctions held on 31/10/2018 and 05/03/2019. When the liquidator filed an Application before this Adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount 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 Rs. 7 Crores on 03/02/2020. It is submitted that the total payment as on date works out to Rs. 11.60 Crores which is slightly more than 25% of the bid amount. 7. The Applicant submits that while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per the existing terms and conditions of the auction sale. Since the liquidator has not given any extension, the Applicant is before this Tribunal praying for the reliefs supra. 9. The Applicant further submits that he has been negotiating with the L&T Finance Ltd. for loan, for payment of this bid amount and L&T Finance Ltd. also accorded in-principle approval for the said loan. Due to the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r stakeholders. 12. The liquidator was present during the virtual hearing and did not raise any objection for the request made by the Applicant. This Bench considering the extraordinary situation created by the Covid-19 Pandemic is inclined to grant time for the Applicant to make the payment. This Application was filed on 26/06/2020. Even though the time sought by the Applicant had already elapse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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