9911796707
TMI Blog2022 (3) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Land of 47.99 Acres at Kopatti Village, Bhagamandala Hobli, Madikeri Taluk, Coorg (Kodagu) - Suitable for developing Resort" under the e-auction conducted on 01.12.2020 by the Liquidator of M/s. Biodiversity Conservation (India) Private Limited has filed I.A. No. 83/2021 seeking for the following reliefs: a. Grant extension of time to the Applicant for completing the purchase under the LOI until such time the disputes in connection with the Disputed Extent are resolved and attained finality; b. Waive the interest purported to be imposed on the Applicant for any delay on payment of the balance consideration; c. Pass any other orders as this Hon'ble Tribunal may deem fit in the interest of justice, equity and good conscience. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onverted land & partially plantation land of 47.99 Acres at Kopatti Village, Bhagamandala Hobli, Madikeri Taluk, Coorg (Kodagu) -suitable for developing resort". The reserve price for the said asset was at Rs. 5,48,00,000/- and whereas the earnest money deposit was Rs. 27,40,000/-. The Applicant submitted its EOI for purchasing the said property by participating in the e-auction and also deposited the earnest money of Rs. 27,40,000/-. The e-auction was scheduled to be held on 06.11.2020. However, on 05.11.2020, the Applicant received a mail from the Respondent/Liquidator, wherein the Respondent had stated that the e-auction process had been stayed by the Hon'ble High Court of Karnataka. After disposal of the case filed by M/s. Bennett P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l such time the issue in relation to the Disputed Extent of land is resolved. After the Respondent/Liquidator filed its reply in I.A. No. 83/2021, Applicant filed I.A. No. 216/2021 seeking directions to the Liquidator to act on the confirmation of Expression of Interest auction price for the entire extent of 47.99 Acres issued on 08.12.2020 and for other consequential directions, as referred above. 6. Heard Shri Arjun Perikal, learned Counsel for the Applicant in I.A. Nos. 83 & 216/2021 and Shri Raghuram Cadambi, learned Counsel for the Liquidator with Shri Amit Shah, Liquidator/Respondent Nos. 1 & 2 and Shri Manu Kulkarni, learned Counsel for the Respondent No. 3 in I.A. No. 216/2021 and have also perused the records carefully. 7. In sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondence. 10. We have carefully examined the various terms 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 we are of the considered view that 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. 11. In the circumstances and for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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