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TMI Blog2021 (6) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... fied. Having bid, paid the EMD and gone through the Process Memorandum and terms of LoI, the Appellant herein has exercised their choice of being a successful bidder and now cannot turn around and state that ₹ 6 Lakh amount to be paid towards statutory dues cannot be fastened upon them - Taking into consideration the current Covid situation and the facts and circumstances of the case, the Liquidator shall accept the balance sale consideration of ₹ 120 Lakhs + ₹ 6 Lakhs (MSD) without charging any interest provided the amount is deposited in the account of the Corporate Debtor within 10 days from the date of receipt of a copy of this Order. The other directions with respect to Title deeds and documents, issued by the Learned Adjudicating Authority in the Impugned Order stand confined. There are no illegality or infirmity in the Impugned Order passed by the Learned Adjudicating Authority - appeal dismissed. - COMPANY APPEAL (AT) (INSOLVENCY) NO. 820 OF 2020 - - - Dated:- 1-6-2021 - [Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Ms. Ekta Choudhary, Advocate. For the Respondent : M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng amount of ₹ 120 Lakhs to the Liquidator within seven days from the date of receipt of the Order. Further, the Applicant is also directed to pay a sum of ₹ 6 Lakhs to the Liquidator towards Maintenance Security Deposit within the said period of 7 days from the date of receipt of this order and the same to be remitted to DLF. Upon receiving the total bid amount and the Maintenance Security Deposit, the Liquidator is directed to execute the sale deed and hand over the possession of the property along with title documents within a period of 7 days thereafter and further it is clarified that the Liquidator will pay the pending tax arrears to MCD as undertaken. Submissions on behalf of Learned Counsel for the Appellant: 3. Learned Counsel appearing for the Appellant vehemently contended that the Learned Adjudicating Authority did not consider that the Respondent/Liquidator has retracted from his statement made in e-mail dated 10.04.2020, wherein it was clarified, that further, with regard to your request on the Maintenance Security Deposit we do not wish to negotiate and you are free to quote your final amount while participating in the said Auction, on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity, the Liquidator provided the Appellant with the Builder Buyer Agreement and also did not share the tax and maintenance charges details. Submissions on behalf of Learned Counsel for the Respondent: 7. Learned Counsel for the Respondent submitted that the Auction was completed on 17.04.2020; LoI was issued on 21.04.2020 in line with the Process Memorandum dated 24.03.2020, according to which, the Appellant ought to pay the balance sale consideration of ₹ 120 Lakhs after adjusting EMD of ₹ 10 Lakhs on or before 19.07.2020, additionally, ₹ 6 Lakhs was to be deposited with DLF towards MSD as per the terms stipulated in the Letter of intent and the Process Memorandum issued; as per the said terms and in line with Schedule I of the IBBI (Liquidation Regulations, 2016) interest at the rate of 12% p.a. was to be paid by the successful bidder in case of any payment made beyond 30 days; on account of lockdown situation caused by the pandemic the Liquidator had extended the last date of payment; when the Liquidator was about to forfeit the EMD of ₹ 10 Lakhs due to non-payment of the balance sale consideration within the specified time period, the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... towards the Earnest Money Deposit of ₹ 10,00,000/-(Rupees Ten Lakhs Only) vide your transaction dated 10th April, 2020, paid via RTGS (Ref. No. BDBLH20101004010) shall be retained towards part sale consideration. 2. You shall remit the balance sale consideration of ₹ 1,20,00,000/- (Rupees One Crore Twenty Lakhs Only) which is after adjusting the Earnest Money Deposit, within a period of 90 days (i.e., on or before 19th July 2020) from the date of this Letter of intent. Provided that payment made after 30 days shall attract interest at the rate of 12% per annum in terms of Regulation 33 read with Schedule I of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. [Please note that due to the present lockdown imposed by the Central Government on account of Covid-19, the payments made beyond 30 days from the date of the lifting of lockdown in Delhi shall attract interest @ 12% per annum as communicated to you vide our email dated 16th April, 2020.] 3. In case you withdraw the auction bid or fail to remit the balance sale consideration of ₹ 1,20,00,000/- (Rupees One Crore Twenty Lakhs Only) within 90 days as spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ein it has been stated that the accepted copy of the Letter of intent should be submitted by 28.04.2020. In the aforenoted e-mail, Annexure P-25, it is categorically stated that further, with regard to your request on the Maintenance Security Deposit, we do not wish to negotiate and you are free to quote your final amount while participating in the said Auction . This clearly substantiates the case of the Respondent that the Appellant was in the knowledge of the additional ₹ 6 Lakhs to be paid towards MSD , prior to the acceptance of the Letter of intent. It is the case of the Appellant that the Letter of intent was signed on 04.05.2020 and a legal notice was issued vide an e-mail dated 19.05.2020 to the Liquidator with respect to this additional amount of ₹ 6 Lakhs payable towards MSD . It is significant to mention that in this legal notice, the Appellant had called upon the Liquidator to redraft the Letter of intent modifying Clause 5 to reflect that the total bid amount of ₹ 130 Lakhs is inclusive of the MSD . We observe from the material on record that the Appellant had participated only in the 5th Auction and therefore the question of whether the MSD ch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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