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TMI Blog2022 (3) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ms and clauses of the EOI process memorandum and other consequential documents and also the applicable provisions of the Code and Regulations made thereunder and accordingly there is no merit in both the Applications and that the Liquidator is fully empowered to issue the LOI to the part extent i.e., for 45.21 Acres forming part of the total extent of 47.99 Acres of the property. The Applicant failed to show any clause or term from any of the EOI Process memorandum or any provisions or Regulations of the IBC, which prohibits the Liquidator from issuing a LOI for an extent less than the extent shown in the EOI. Application dismissed. - I.A. Nos. 83 and 216/2021 in C.P.(IB) No. 14/BB/2018 - - - Dated:- 17-2-2022 - Ajay Kumar Vatsavayi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the disputed extent may be directed to be kept in an escrow account to settle the claims of the claimant if any; b. Direct the liquidator to act on the original letter of intent issued on 8th December, 2020 for the sale of auctioned property including the disputed extent of 2.78 Acres with modifications to timelines considering time taken for disposal of dispute over land extent of 2.78 Acres. c. Direct the Liquidator to modify its order dated 04th April, 2021 and direct Bennett Property to satisfy its alleged claim of secured interest in the property bearing Sy. No. 90 measuring 2.78 Acres from the sale proceeds of auctioned property. 3. It is the case of the Applicant i.e. M/s. Zio Homes Private Limited, that the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidator vide email dated 01.12.2020. 4. It is also submitted by the Applicant that the Liquidator vide his email dated 08.12.2020, informed the Applicant that the Hon'ble NCLT on 16.12.2020 in I.A. No. 483/2020 issued a oral direction not to precipitate the matter since proceedings are pending in relation to Survey No. 90 measuring 2.78 Acres (disputed land), forming part of the asset for which the Applicant was declared as the Successful Bidder. The Liquidator in his email to the Applicant also informed that, the Letter of Intent dated 08th December, 2020 is being issued with respect to the remaining land parcel measuring 45.21 Acres after exclusion of the disputed land measuring 2.78 Acres and also directed the Applicant to acce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, i.e. after excluding 2.78 acres land pertaining to Survey No. 90 and to seek acceptance for the said LOI unconditionally is illegal and arbitrary and against the terms of the e-auction and to the Code and Regulations made thereunder. 8. Per contra it is submitted on behalf of the Respondent/Liquidator that in terms of the EOI process memorandum and the e-auction terms and the Code and Regulations made there under and also in view of the litigation pending before this Tribunal, there is no illegality or arbitrary action in issuing the LOI only for the extent of 45.21 Acres after excluding 2.78 Acres or in directing the Applicant to accept the said LOI unconditionally. 9. The issue before us was not whether the Biodiversity Conserva ..... X X X X Extracts X X X X X X X X Extracts X X X X
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