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TMI Blog2023 (8) TMI 555X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2023. It is pertinent to note that the learned Single Judge, by an order dated 02.03.2023, that is, one day prior to the completion of the aforesaid period, granted thirty days time to deposit the entire amount. But, only Rs. 37 Crores was paid by the applicant. It is true that, under Clause 13.3 of the Terms and Conditions of the Approved E-Auction, High Court has the right to rescind, amend, delete, invalidate any of the settled terms and conditions. The High Court exercised its power once and extended the time for depositing the entire sale amount, but the applicant failed to comply the same. The observations made by the learned Single Judge agreed upon - there are no reason to interfere with the judgment of the learned Single Jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the highest bidder was supposed to remit the balance auction amount of Rs. 73,23,30,000/- within a period of 30 days i.e. on or before 03.03.2023 before the Official Liquidator. The applicant, instead of depositing the aforesaid amount, filed Co. Appl. No. 39/2023 seeking permission to deposit 10% of the sale consideration forthwith and grant three months' time to deposit the balance amount. On 02.03.2023 the learned Single Judge considered the application and passed the following order: The present application has been filed on behalf of the bidder/tenderer for granting extension in depositing the balance amount so demanded vide Exhibit A dated 02.02.2023. Mr. Sreekumar. S, learned Senior Counsel assisted by Adv. Martin Jose subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner on a change of engagement. Among the afore two applications, Co. Appl. 53/2023 has been filed by the petitioner seeking that they be allowed to pay Rs. 37 Crores towards sale consideration and to extend the time frame for payment of balance by one month. As far as Co. Appl. 79/2023 is concerned, it has been filed with an averment that a Demand Draft for Rs. 37 Crores was handed over to the learned counsel for the liquidator Sri. K. Moni on 05.04.2023, and that he had accepted the same. It is also averred that the said Demand Draft was encashed by the Official Liquidator on the same day and that this Court had dictated an order allowing the reliefs sought for. I am afraid that the afore averments are not accurate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make submissions on these applications on merits. 6. Thereafter, the applicant expressed its willingness to pay the entire amount but the same was rejected by the learned Single Judge by the impugned judgment and hence this appeal. 7. Heard learned counsel appearing for the appellant and the learned counsel appearing for the respondents. 8. It is contended by the learned counsel for the appellant that the learned Single Judge had committed an error in not extending the time for making the payment. He would contend that the High Court is vested with the right to rescind, amend, delete or invalidate any of the settled terms and conditions with regard to the auction. Therefore, the learned Single Judge ought to have accepted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted fact that the present applicant was supposed to deposit an amount of Rs. 73,23,30,000/- within a period of thirty days starts from the intimation of confirmation of the tender which was on 02.02.2023. The amount was to be paid on or before 03.03.2023. It is pertinent to note that the learned Single Judge, by an order dated 02.03.2023, that is, one day prior to the completion of the aforesaid period, granted thirty days time to deposit the entire amount. But, only Rs. 37 Crores was paid by the applicant. It is true that, under Clause 13.3 of the Terms and Conditions of the Approved E-Auction, High Court has the right to rescind, amend, delete, invalidate any of the settled terms and conditions. The High Court exercised its power onc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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