9911796707
TMI Blog2023 (4) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant. This Appeal has been filed against the order passed by the Adjudicating Authority dated 31.03.2023 by which order application filed by the Appellant for issuing direction to the Liquidator for claiming the chain documents of the property sold to the Appellant through e-auction process initiated vide notice dated 25.10.2021 for verification before balance sale consideration amounting to Rs.19,17,00,000/- be paid, has been rejected. The Company Petition was admitted on 02.02.2018 by the Adjudicating Authority and order of Liquidation was passed on 01.03.2021. The Liquidator issued e-auction notice for 15.11.2021. In the e-auction notice several properties were mentioned and the Appellant was declared as highest bidder with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missions of learned counsel for the parties and perused the record. 5. Admittedly, the Appellant was the successful bidder of the property mentioned at Item No.5 in the e-auction document. The Liquidator sent a communication on 16.11.2021 informing the Appellant that Appellant is the successful bidder and is required to deposit amount as per the Liquidation Regulation, 2016. The submission of learned counsel for the Appellant that there was dispute raised with regard to the property in filing a Writ Petition and Suit, there was a bonafide litigation regarding title of the property and original sale deed have not shown to it. Suffice it to say that in the e-auction notice details of property including the note was also mentioned, where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 payment is to be made within 90 days and with interest after 30 days at the rate of 12 percent. Non-compliance of 2nd Proviso, sale shall be cancelled if the payment is not received within 90 days. The Adjudicating Authority has rightly observed that in view of the Appellant having not made payment in 90 days, Adjudicating Authority has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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