Partly allowed

Vantipalli Bharathi v. M/s Turbo Bharath Ltd. (in liqn)

Telangana HC13 Nov 2014COMPA/1272/2014

Case brief

AI extract

What is this about?

Application seeking extension of time for deposit of balance auction amount. Petitioner failed due to family funeral. Court extended time by 10 days subject to payment of 12% interest and removal of assets.

What did the court decide?

Time for payment extended by 10 days subject to deposit of interest @12% from 22.10.2014 until deposit and removal of assets within 3 weeks.

Vantipalli Bharathi Vs M/s Turbo Bharath Ltd. (in… — Company and Corporate | Telangana HC (2014)

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HON’BLE SRI JUSTICE A. RAJASHEKER REDDY COMPANY APPLICATION NO.1272 of 2014 IN

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COMPANY PETITION No.151 OF 2009

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ORDER:

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This application is filed by the petitioner stating that as per the orders of this Court in C.P.No.151 of 2009, the 1^st respondent went under liquidation and the properties of the 1^st respondent were put to auction. With regard to the same, the Official Liquidator called for tenders by way sealed cover and as per the advertisement the last date for submission of sealed tender was fixed as 19.08.2014 and the tenders would be opened on 20.08.2014 at 3PM in the office of the Official Liquidator.

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It is further submitted that the petitioner applied for lot No.2 by way of sealed tender and quoted Rs.24,00,300/- and was declared as highest bidder. Thereafter, the Official Liquidator issued notice dated 23.09.2014 stating that the bid of the petitioner for lot No.2 was accepted by this Court and directed her to pay the balance amount on or before 22.10.2014. The notice of the Official Liquidators discloses that Rs.21,60,300/- is the balance amount to be deposited by the petitioner on or before 22.10.2014. She further submits that though she secured the said amount and intended to deposit the same during the 2^nd week of October, 2014, she could not do so, due to health problems and sudden calamity in her family.

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Additional affidavit has been filed by the petitioner on 30.10.2014, specifically stating that due to death of her maternal aunt, she went to Kakinada and returned to Hyderabad on 20.10.2014 after performing all the rituals and that is the reason why she could not deposit the amount within the stipulated time. In view of the same, she seeks extension of time for payment of the amount.

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Official Liquidator filed report stating that the petitioner failed to deposit the amount within the stipulated time.

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Both the counsel appearing for the respondents state that the

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applicant should atleast pay the interest till the amount is deposited. In view of the averments stated in the affidavit filed in support of this application and in view of the fact that the petitioner’s relative passed away, time for payment of amount is extended by ten (10) days subject to condition of the petitioner depositing interest @12% from 22.10.2014 till the amount is deposited. However, the applicant shall remove the plant and machinery, stocks purchased by him from Official Liquidator within three (03) weeks.

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Accordingly, Company Application is disposed of.

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_____________________________ A. RAJASHEKER REDDY, J Date: 13.11.2014 Note: CC in 2 days (B/o) dv

Vantipalli Bharathi v. M/s Turbo Bharath Ltd. (in liqn)

Case brief

What is this about?

What did the court decide?

Vantipalli Bharathi v. M/s Turbo Bharath Ltd. (in liqn)

Case brief

What is this about?

What did the court decide?

What the court decided

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