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Judgment
MA No.11/2022
Ld. Counsel on both sides present.
Ld. Counsel appearing for the applicant, who is the successful e-auction purchaser, has through this application sought leave of the Court to make deposit of 50% of the sale consideration on or before 03.06.2022 and the remaining 50% within a period of two months.
We have heard the Ld. Counsel appearing for the applicant and the Ld. Counsel appearing on behalf of the Liquidator.
In the facts and circumstances of the case, we deem it fit to allow prayer ‘A’ of the application and permit the applicant/ successful auction purchaser to make deposit of the sum of Rs.17.30 Crore on or before 03.06.2022. We further grant an extension of time of upto two months within which to make payment of the remaining sum by the successful auction purchaser.
The dismantling of the building shall be completed within a period of 90 days from the date of issue of the Letter of Intent ‘LoI’ or within 30 days from the date of payment of the last instalment which shall be paid on or before 31.07.2022. The dismantling of the building shall be completed within one month on or before 31.08.2022. Interest on delayed payment calculated @ 12% as provided in the amended Clause (12) of para 1 of Schedule I of the IBBI (Liquidation Process) Regulations, 2016 shall also be calculated and paid on or before 31.07.2022.
With these directions, MA No.11/2022 shall stand disposed off.