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TMI Blog2022 (5) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... de) Heard Learned Counsel for the Appellant and Respondent. 2. This Appeal has been filed against the Order dated 25th April, 2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) in I.A. No. 3153 of 2021, I.A. No. 5255 of 2021 and I.A. No. 4317 of 2021. The Appellant is the Auction Purchaser whose bid was accepted on 03rd June, 2021 in E-Auction. The earnest money of 7.3 crores was deposited on 31st May, 2021 and Bid of 73.01 Crores was submitted and he was declared to be Successful Bidder. Liquidator asked the Appellant to deposit the sale consideration by 10th June, 2021 and further balance by 3rd July, 2021. Appellant deposited Rs. 10,95,25,000/- on 10th and 11th June, 2021. The term she ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter of the Corporate Debtor as a going concern, which is in the interest of the Stakeholders and for maximization of value of assets of the Corporate Debtor under Regulation 32A of the Liquidation Process Regulations, 2016; c). Pass any other or such further order(s) as may be deem fit and necessary in the facts and circumstances of the case;" 4. The Adjudicating Authority heard the parties and after considering the submissions, noticing the entire facts and circumstances in paragraphs 2 and 3 of the Judgment and also noticed that on failure of payment by the Appellant, emails were sent by the Liquidator. I.A. No. 3153 of 2021 was filed on 21st July, 2021 and subsequently I.A. No. 5255 of 2021 was filed by the Liquidator. The Adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration within ninety days of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of 12%: Provided further that the sale shall be cancelled if the payment is not received within ninety days." 8. When we look into the above regulation, it is clear that 90 days' period provided for making the deposit is the maximum period under which the Auction Purchaser had to make the deposit. 2nd Proviso of the Item 12 of the Schedule I provided that sale shall be cancelled if the payment is not received within 90 days. When the Consequence of non-compliance of the provision is provided in the statute itself, the provision is necessary to be held to be mandatory. Item 12 provides that payme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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