8.3 Where the Successful Bidder has provided Earnest Money Deposit and the additional 5% of the total bid amount, the balance sale consideration shall be an amount equal to the bid sum (plus any applicable GST/taxes, registration fees, etc. if any, on 100% of the bid sum) as reduced by the Earnest Money and the additional 5% of the total bid amount already paid. With respect to the ‘balance sale consideration’ Clause 12 of Schedule I (Mode of Sale) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 states that “On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of 12%: Provided further that the sale shall be cancelled if the payment is not received within ninety days”. Accordingly, in view thereof, the Successful Bidder shall pay the balance sale consideration (plus any applicable GST/taxes, registration fees, duties, etc. if any, on 100% of the bid sum) within 90 (Ninety) days of the date E-Auction. However, the payments made after 30(Thirty) days of the date E-Auction, it shall attract interest at the rate of 12% p.a. Further, it may be noted that the sale shall be cancelled if the payment is not received within 90 (Ninety) days of the date E-Auction.”
