TaxTMI 
TaxTMI 
2019 (10) TMI 279
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....r (Liquidator) of M/s. Nag Yang Shoes Private Limited. 2. The prayer made by the Applicant in the Application is as follows: a) Pass an order directing the 1st Respondent to refund the entire monies deposited by the Applicant amounting to Rs. 1,30,25,000/- (Rupees One Crore Thirty Lakhs and Twenty Five Thousand only) with interest @ 15% per annum; Or in the alternative b) Pass an order directing the 1st Respondent to restrict the forfeiture only to the EMD amount of Rs. 15,00,000/- (Rupees Fifteen Lakhs only) and refund the balance amount of Rs. 1,15,25,000/- (Rupees One Crore Fifteen Lakhs and Twenty Five Thousand only) to the Applicant. 3. The Applicant has participated in the auction proceedings of 2nd Respondent viz., M/s. Nag Y....
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....eceived in the next 15 days. (balance receivable - Rs. 1.74 crores (including GST). Again extension was requested by the Applicant for an additional 10 days (SECOND EXTENSION) 7. 27-Nov-2018 Rs. 30 Lakhs received. Extension granted for 10 days (i.e. upto 6th Dec, 2018). Balance receivable -1.44 crores (including GST) 8. 06-Dec-2018 Last date for payment of full sale consideration. No payment received on the due date. 9. 07-Dec-2018 Liquidator had issued a letter of cancellation of proposed sale and forfeited the paid amount as per clause 12 of the Tender terms & conditions. 10. 10-Dec-2018 Subsequent to cancellation of the sale and the forfeiture of the amount deposited, the Liquidator had evaluated the option of selling the ass....
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....g the payments in time. 4. On failure of the Applicant to honour the commitment and keeping in view the objective of the Insolvency & Bankruptcy Code, 2016, i.e., the maximization of the value of assets, the Liquidator has decided to sell the assets to the 2nd bidder, who has made the payment well in time. The amount of Rs. 1,30,25,000/- (Rupees One Crore Thirty Lakhs and Twenty Five Thousand only) deposited by the 1st bidder viz., Applicant was forfeited under Clause 12 of the Sale Notice, which is reproduced as under: - "Type of offer and manner of payment: * The successful bidder shall deposit 25% of sale consideration (including EMD), by way of a DD/NEFT/RTGS to the Liquidator within 24 hours. * The balance amount of the sale con....
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.... involved in those cases are different from the facts of the case on hand. Therefore, it is necessary to refer to the relevant part of the Tender document, acceptance thereof by the Applicant and intimation given to the Applicant by the Liquidator of his success in e-auction. 7. The Clause 12 of the Tender document has already been extracted under Para No. 4 hereinabove, which clearly provides that "the defaulting bidder shall have no right to claim any amount deposited by him/her and shall have no claim over the property." 8. The terms and conditions of the Tender document have been accepted by the Applicant by filing Tender Form on 25.10.2018. The relevant contents of the acceptance of the Tender document by the Applicant are extracted ....