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TMI Blog2024 (11) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... suance of Sale Certificate on 08.11.2021, it is failed to see any relevance of LoI which was referred to in Clause 9. Under the Liquidation Regulation 2016, there is a statutory requirement of payment of bid amount within 90 days. The submission of the Appellant that he was never intimated that he has to make the payment of 90 days cannot be accepted. The bid document as well as Regulation clearly provided for payment. Appellant having failed to make the payment of the balance amount. Liquidator did not commit any error in forfeiting the EMD and cancelling the Sale Certificate. The amount of Rs.58.10 Lakhs which was paid after e-Auction has already been refunded to the Appellant. There is no ground to interfere with the Impugned Order - App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was issued. The Appellant submitted its e-bid in pursuance of Sale Notice 12.09.2021. EMD amount was also deposited by the Appellant of Rs.58.10 Lakhs. E-Auction was conducted on 17.09.2021 and the Appellant highest bid of Rs.5,81,00,000/- was accepted. On 18.09.2021, Appellant was declared as Successful Bidder by email and thereafter Appellant made further payment of Rs. 58.10 Lakhs as 2nd instalment. On 08.11.2021, Liquidator has also issued a Sale Certificate to the Appellant. The Appellant however did not make the payment within the time allowed. The Liquidator issued a show cause Notice on 04.12.2021 asking the Appellant to pay the balance amount with interest on or before 11.12.2021, however the balance was not paid and the Liquidator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant. Appellant was asked to file the email which was issued by Liquidator on 18.09.2021 which email is to the following effect: Kind Attn : Mr. Shashipal Kumawat, Proprietor M/s. SP Construction Please refer to your participation in the e-bidding process of Plant Machinery of Vallabh Steel West Private Limited, Property ID 01516, through e.auction.co.in on 17-09-2021. I hereby confirm that your bid at Rs. 5,81,00,000.00 (Rupees Five Crores Eighty One Lacs only) plus GST @ 18%, Reserve Price was successful. Accordingly, the undersigned hereby declare you as the successful bidder, as per BID Document. Your are hereby advised to follow the terms conditions of the BID Document sent to you, copy attached herewith for your records. Your are here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sale Certificate on 08.11.2021, we fail to see any relevance of LoI which was referred to in Clause 9. Under the Liquidation Regulation 2016, there is a statutory requirement of payment of bid amount within 90 days. 13. The submission of the Appellant that he was never intimated that he has to make the payment of 90 days cannot be accepted. The bid document as well as Regulation clearly provided for payment. Appellant having failed to make the payment of the balance amount. Liquidator did not commit any error in forfeiting the EMD and cancelling the Sale Certificate. The amount of Rs.58.10 Lakhs which was paid after e-Auction has already been refunded to the Appellant. 14. We thus are of the view that there is no ground to interfere with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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