ANNAM STEELS PRIVATE LIMITED Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) Whether the learned single Judge was right in ordering forfeiture of Earnest Money Deposit of Rs. 33,45,000/- and further ordering retention of Rs. 10 lakhs as damages from the purchase money is the point falling for consideration in this Appeal.

(2.) This Appeal arises on the following facts:

(3.) Expressing recession in economy and its financial problems, Appellant filed Company Application Nos. 182 and 183 of 2009 and sought for extension of time for payment of the balance sale consideration and also prayed for a direction to the Official Liquidator to execute the sale deed infavour of the Appellant or his nominee on the Appellant depositing the entire sale consideration. The Court has extended the time limit to pay Rs. 145 lakhs on or before 03.04.2009; another Rs. 145 lakhs on or before 31.05.2009 with interest at the rate of 12% for the belated payment.