9911796707
TMI Blog2023 (8) TMI 555X X X X Extracts X X X X X X X X Extracts X X X X ..... 956 read with Section 5 of the Kerala High Court Act, 1958. 2. The original applicant has challenged the order dated 27.06.2023 passed by the learned Singe Judge in Co. Appeal No. 53/2023 in Co. Petition No. 14/2022 by which the learned Judge refused to extend the period for depositing the amount offered by the present appellant towards sale consideration. 3. The short facts necessary for consideration in this appeal are as under: That the company namely the Travancore Rayons Limited which is incorporated under the provisions of the Companies Act, 1956 was ordered to be liquidated by this Court through an order dated 27.02.2019. Accordingly, an Official Liquidator was appointed and he put certain movable assets of the company for sale t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ady been deposited, but since the amount involved is phenomenal, seeks three months' more time. 2. The prayer is accepted subject to all exceptions and keeping it open, I grant another 30 days' time to deposit the balance amount, failing which, the provisions of the law as applicable to the auction shall be considered at an appropriate time. The application stands disposed of." 5. As per the aforesaid order, 30 days' time was granted to the present applicant to deposit the entire sale amount. However, instead of depositing the entire amount, the applicant filed Co. Appl. No. 53/2023 seeking permission to pay Rs. 37 Crores by way of a demand draft and prayed for extending the time to pay the balance amount of Rs. 36,23,30,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs; but it appears to be true that Sri. K. Moni, being under the impression that there was no opposition, had accepted the Demand Draft for Rs. 37 Crores from the petitioner, which was later encashed. I must say that the afore turn of events cannot ipso facto and on its own, grant any rights to the petitioner, particularly when this Court is seized of the matter as to whether they should be given the latitude of further time to pay the sale consideration. I, therefore, allow the petitioner to accept the amount of Rs. 37 Crores from the Official Liquidator, if they are so interested, but making it clear that this will not alter the nature of orders that this Court may consider in due course in Co. Appl. 53/2023. If they are so interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the approved E-Auction, the highest bidder is bound to deposit the entire amount within a period of thirty days i.e. on or before 03.03.2023. On 02.03.2023, an application was filed by the applicant before this Court for extension of time for depositing the amount. Though the learned Single Judge, by exercising the power as per Clause 13.3 of the Terms and Conditions of the approved E-Auction and granted another 30 days' time to deposit the balance amount, the applicant deposited only an amount of Rs. 37 Crores by way of demand draft. The Counsel would submit that the learned Single Judge had rightly refused the prayer of the applicant for further extension of time to make the balance amount. 10. Learned counsel appearing for the Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
