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TMI Blog2021 (7) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... le consideration but the issue to be decided is whether the delay was solely on account of the Respondent and if 'yes' the Respondent has to pay interest for the delayed period. The Adjudicating Authority has also observed that no supporting documents fixing the responsibility to follow up with GIDC for subdivision of the land was produced by the Appellant and hence the Adjudicating Authority has directed the Liquidator/Appellant to refund the full amount of interest to the Respondent. 3. The Appellant is the 'Liquidator' of the Corporate Debtor' (CD) is aggrieved by the findings of the 'Adjudicating Authority' who has held that the delay in payment of balance sale consideration cannot be attributed to the 'Successful Bidder' /Respondent herein. The interest burden, thus, cannot be fasten on the Respondent / Successful Bidder. The Respondent is not liable to pay interest as claimed by the Liquidator/Appellant. Therefore, an amount of Rs. 1,57,46,696/- towards interest by the Successful Bidder/ Respondent herein paid under protest is to be refunded / adjusted by the 'Liquidator' within 30 days from the date of the order. 4. The Appellant has submitted that the process of sub-divis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter of Intent"), inviting the Successful Bidder to provide balance sale consideration (plus any applicable GST, if any, on 100% of the bid sum) within 90 (ninety) days of the date of issuance of the Loi, This Loi per se does not confirm sale in favour of the Successful Bidder. Confirmation of sale is subject to the fulfilment of terms and conditions of E-Auction Sale and approval of the Liquidator. The Successful Bidder shall, within a period of 2 (two) days from the date of issuance of the Loi, unconditionally accept the Loi, and record such acceptance by providing the Liquidator with 1 (one) copy of the Loi with an endorsement stating that such Loi is, "Accepted Unconditionally", under the signature of the authorized Director I Authorized Signatory of the Successful Bidder. Failure to accept the Loi within the time period specified may result in the disqualification of the Successful Bidder along with cancellation of the Loi and forfeiture of the Earnest Money. Payment of Sale Consideration The Successful Bidder(s) shall deposit the balance sale consideration within 90 (ninety) days from the date of such demand. Provided that the payments after 30 (thirty) days shall attract inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for filing of application and follow up the job of the Respondent. He has also categorically stated that he has applied for the subdivision of plot on 21.01.2020 within the stipulated time period and he has not delayed anything on his part. The Appellant has also stated that the E-auction document nowhere states that the subdivision of land is a precondition before the sale consideration is paid and the same has been unconditionally accepted by the Respondent. However, he has done in good faith and followed up with appropriate authority for subdivision of the earmarked plot which was delayed due to onerous condition stipulated by the 'GIDC' (appropriate authority) and he has approached the Adjudicating Authority to quash the unreasonable demand of the 'GIDC' while the Respondent has failed in releasing balance sale consideration within 30 days as clearly spelt out in the E-auction document and hence the interest is to be levied on the Respondent @ 12 % as stated in the document. In the result, the appellant has prayed for setting aside the order of the Adjudicating Authority. 5. The Respondent has submitted that the 'Liquidator' cannot be aggrieved by the impugned order of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent has acknowledged that the actual area of the lease hold land is 295309.45 sq. mtrs. as survey by GIDC instead of 282977.40 Sq meter as provided in the e-auction memo and that the additional area is chargeable from the respondent at the bid rate. The Respondent has also accepted that the Liquidator/ Appellant has asked the Respondent vide its letter dated 12.03.2020 to make the payment of balance sale consideration. The Respondent has also submitted that vide its letter dated 30.03.2020 it has forwarded to the Appellant various issues pending at the Liquidator/Appellant including subject of the lease hold land, and survey report of the lease hold land from GIDC, relinquishing charged by the 'Secured creditors' on the 'Liquidation estate' etc. The Respondent has also sought an extension of time to pay the balance sale consideration owing to extension of lockdown upto 03.05.2020 vide its letter dated 14.04.2020. However, the Appellant has agreed the same vide its letter dated 16.04.2020 subject to payment of interest @ 12 % p.a. Amidst this IBBI vide IBBI/2020-21/GN/REG060, dated 20TH April, 2020 (w.e.f.17.04.2020) Regulation 47A was introduced to the Liquidation Process R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ument is neither an agreement nor an offer by the Liquidator to the prospective Bidder(s) or any other person. The purpose of this document is to provide interested parties with information that may be useful to them in making their bids pursuant to issue of this document. The assumptions, assessments, statements and information contained in this document may not be complete, accurate, adequate or correct. Each Bidder(s) should conduct their own investigations, analysis and should check the accuracy, adequacy, correctness, reliability and completeness of the assumptions, assessments, statements and information contained herein. 5. Information provided in this document to the Bidder(s) has been collated from several sources. The information given is not intended to be an exhaustive account of statutory requirements and should not be regarded as complete. The Liquidator accepts no responsibility for the accuracy or otherwise for any statement contained herein. 6. The Liquidator, makes no representation or warranty and shall have no liability to any person, including any Bidder(s) under any law, statute, rules or regulations or tort, principles of restitution or unjust enrichmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filled in and signed and stamped by the Bidder(s) and uploaded along with the Bid form) Annexure IV -Technical Terms and Conditions of E-Auction Annexure V -Description of Assets Special Instructions Please note that this bidding is a serious matter and last-minute Special Instructions bidding may lead to unnecessary lapses. Neither the E-Auction Service Provider nor the Liquidator will be responsible for any lapses on part of the Bidder(s) 12. All terms and conditions with respect to the sale of the Properties shall be governed by the directions of the Liquidator, in accordance with the provisions of applicable laws and directions of Hon'ble NCLT. As mandated by the Hon'ble NCLT, the Liquidator shall exercise all rights with respect to sale of the Assets and it would be open to the Liquidator to appoint such experts, professionals or other persons, as the Liquidator might think necessary, so as to enable the sale of the Assets. 13. The liquidator may conduct multiple rounds of auctions to maximize the realization from the sale of the assets, and to promote the best interests of the creditors. 14. The Annexures to this Document shall form an integral part hereo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. The Current Assets will not include the Debtors I Claims which are under litigation as on date of transfer of Unit. Payable at book value as on date of transfer of Unit Lot Nature of Asset Description Reserve Price (INR Crores) Earnest Money Deposit (INR Crores) 2. Lease Hold land Part of Plot no. 825 of Jhagadia GIDC, Bharuch in the village Dadheda, Jhagadia Taluka, Bharuch District, Gujarat having a total land area of28.57 acres I 1,15,632 sq. mt. or 12,44,656 sq. ft. This land is leasehold from GIDC and is subject to sub- division of the said Plot 28.43 2.84 Freehold Land Survey No. -67 + 73 + 74 + 4A + 4B of Village Dadheda, Jhagadia Taluka, Bharuch District, Gujarat having a total land area of 20.10 acres I 81,326 sq. mt. These are the freehold land parcels. Kindly note that the Bidder(s) cannot place a bid for the Assets at a value below the Reserve price Further, the Bidders can increase their Bid by a minimum incremental amount of Rs. 50,00,000 for Lot No. 1 and Rs. 10,00,000/-for Lot No. 2 and in multiples of thereof. Please find appended the details of underlying Assets in "Annexure V" Interested Bidder(s) can bid for assets as per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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