2022 (3) TMI 54

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....ly Commercial Converted & Partially Plantation Land of 47.99 Acres at Kopatti Village, Bhagamandala Hobli, Madikeri Taluk, Coorg (Kodagu) - Suitable for developing Resort" under the e-auction conducted on 01.12.2020 by the Liquidator of M/s. Biodiversity Conservation (India) Private Limited has filed I.A. No. 83/2021 seeking for the following reliefs: a. Grant extension of time to the Applicant for completing the purchase under the LOI until such time the disputes in connection with the Disputed Extent are resolved and attained finality; b. Waive the interest purported to be imposed on the Applicant for any delay on payment of the balance consideration; c. Pass any other orders as this Hon'ble Tribunal may dee....

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....the said EOI process memorandum dated 13.10.2020 is described as "Partially commercial converted land & partially plantation land of 47.99 Acres at Kopatti Village, Bhagamandala Hobli, Madikeri Taluk, Coorg (Kodagu) -suitable for developing resort". The reserve price for the said asset was at Rs. 5,48,00,000/- and whereas the earnest money deposit was Rs. 27,40,000/-. The Applicant submitted its EOI for purchasing the said property by participating in the e-auction and also deposited the earnest money of Rs. 27,40,000/-. The e-auction was scheduled to be held on 06.11.2020. However, on 05.11.2020, the Applicant received a mail from the Respondent/Liquidator, wherein the Respondent had stated that the e-auction process had been stayed by the....

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..../2021 for seeking extension of time to complete the purchase of the asset under the LOI until such time the issue in relation to the Disputed Extent of land is resolved. After the Respondent/Liquidator filed its reply in I.A. No. 83/2021, Applicant filed I.A. No. 216/2021 seeking directions to the Liquidator to act on the confirmation of Expression of Interest auction price for the entire extent of 47.99 Acres issued on 08.12.2020 and for other consequential directions, as referred above. 6. Heard Shri Arjun Perikal, learned Counsel for the Applicant in I.A. Nos. 83 & 216/2021 and Shri Raghuram Cadambi, learned Counsel for the Liquidator with Shri Amit Shah, Liquidator/Respondent Nos. 1 & 2 and Shri Manu Kulkarni, learned Counsel for the....