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Judgment
Ld. Counsel for the Appellant (Liquidator) submits that the Respondent being a Successful Bidder has to pay total Rs. 9.15 Crores but paid only Rs. 40 Lacs and had failed to pay any further amounts on the ground of Covid-19 Pandemic, however, he was required to pay balance amount as per the terms of the demand. The Respondent has failed to make the payment till date even after further time of 60 days expired on 17.08.2021.
Ld. Adjudicating Authority vide ex-parte order dated 09.06.2021 directed the Appellant not to take any coercive action against the Respondent. On 20.06.2021 the Liquidator has filed the Reply. Even Ld. Adjudicating Authority has extended the ex-parte interim order till 09.08.2021 and again extended up to 14.09.2021. This is highly prejudicial to the stakeholders of the Company. The liquidator is unable to put the said property for re-auction.
It is submitted that the Respondent has not deposited balance amount of Rs. 8.75 Crores as per the letter of intent dated 17.03.2021 and Ld. Adjudicating Authority has passed the ex-parte order on 09.06.2021 and directed the Liquidator not to take any coercive action against the Respondent and extended the ex-parte order again and again without deciding the Application. However, the Appellant (Liquidator) has filed the Reply of the same on 20.062021.
Without expressing any opinion, we request the Ld. Adjudicating Authority to decide I.A. No. 361 of 2021 as per law within three weeks.
Thus, the Appeal is disposed of as indicated above.
The Registry is directed to send the copy of this order for compliance to the concerned Adjudicating Authority forthwith.