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TMI Blog2023 (4) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. The Appellant having not deposited the balance amount within the time allowed, the Adjudicating Authority did not commit any error in rejecting the application filed by the Appellant. Appeal is dismissed. - Company Appeal ( AT ) ( Insolvency ) No. 492 of 2023 - - - Dated:- 21-4-2023 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellants: Ms. Sadiqua Fatma, Mr. Aamir Zafar Khan and Mr. Abhishek Yadav, Advocates For the Respondents: Mr. Abhishek Anand, Mr. Karan Kohli, Mr. Viren Sharma, Mr. Mohak Sharma, M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled in the Punjab and Haryana High Court, which was ultimately decided on 02.02.2022. It is submitted that the original sale deed of two parts have not yet been shown to the Appellant and due to the bonafide litigation regarding title of the property, balance amount was not deposited. 3. Learned counsel for the Liquidator submits that the details of the property were mentioned in the e-process document and e-auction notice which also contained details of litigation. Sale was on as is where is , as is what is basis and the Appellant was required to do due diligence and the Appellant having declared as successful bidder cannot turn round and refuse to deposit the balance amount within the time provided. The Adjudicating Authority did n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NCLT for taking custody of title deed Sale deed no. 1317 dated 22-5-2009 and Sale Deed No. 4902 dated 29-8-2008 from promoters/ Shiv Kumar Gupta. 6. The factum of litigation by Writ Petition in High Court by a third party and suit by certain parties in the property cannot be ground for the Successful Bidder of not making payment of balance amount. The balance amount was to be deposited within the time as required in Schedule-I of Liquidation Regulation, 2016. This Appellate Tribunal while considering provisions of the Schedule-I of the Liquidation Regulation, 2016 in Company Appeal (AT) (Insolvency) No. 532 of 2022, Potens Transmissions Power Pvt. Ltd. vs. Gian Chand Narang has laid down that the said timeline is statutory. In Par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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