AI Structured Summary
Not yet generated for this judgment
Judgment
This Appeal has been filed against the order dated 07.03.2024 by which order the Adjudicating Authority has decided I.A. No.111/MP/2024 filed by the Appellant. Appellant, the Successful Bidder in the Private Sale has already deposited 10% of the sale consideration. On request made by the Appellant, the Adjudicating Authority on 15.02.2024 extended the time upto 21.02.2024 to deposit the entire amount. Appellant did not deposit the amount within the time allowed and again filed I.A. No.111/MP/2024 for further extension of time, which application has been rejected by the Adjudicating Authority.
Learned counsel for the Appellant submits that the Appellant is ready to deposit the entire amount if some reasonable time is given. Learned counsel for the Liquidator submits that the Appellant having not deposited the amount notice for fresh e-auction has been issued and e-auction of the assets of Corporate Debtor is scheduled on 03.05.2024.
In facts of the present case, in event the Appellant deposits the entire amount on or before 30.04.2024, the e-auction scheduled for 03.05.2024 shall not take place. In event, the Appellant fails to deposit the entire amount by 30.04.2024, it is open for the Liquidator to proceed with the e-auction in accordance with law. Impugned order dated 07.03.2024 is modified to the above extent. Appeal is disposed of accordingly.