THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1664 of 2011 11th November, 2011 Between :- M/s.Tapaswi Infra Projection (P) Ltd., Rep.by its Director = N.Indrasena Chowdary .. Applicant And Allwyn Watches Ltd (in Prov.Liqn) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Respondent THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1664 of 2011 ORDER:- This application has been filed by M/s.Tapaswi Infra Projection (P) Ltd., under Rule 9 of the Companies (Court) Rules, 1959 seeking extension of time for payment of the balance sale consideration of Rs.2.09 crores. Heard learned Counsel appearing for the applicant and the learned Official Liquidator representing the respondent. This is the second application. The first application filed by the petitioner came to be ordered on 11-10-2011. The relevant portion of the order reads as hereunder:- “The applicant has so far paid Rs.1,98,00,000/-. Balance to be paid is Rs.4,62,00,000/-. Having considered the facts and circumstances, time allowed to the applicant for payment of the balance sale consideration of Rs.4,62,00,000/- is extended by three more weeks from today subject to the petitioner paying interest on the said amount @ 12% per annum from 7-10-2011.” It is now represented that the applicant made certain payments and the balance to be paid is Rs.2.09 crores. It is contended by the applicant that the applicant approached the Official Liquidator along with Demand Drafts worth Rs.1.41 crores but the Official Liquidator refused to accept them as the time allowed by this Court has been expired. Photostat copies of the Demand Drafts also have been placed on record at material page Nos.7 and 8. The Official Liquidator placed on record his report. As per the report, the applicant paid Rs.4.51 crores as on this day leaving the balance of Rs.2.09 crores. Having considered the facts and circumstances, time allowed to the applicant for paying the balance sale consideration of Rs.2.09 crores is extended by two more weeks from today subject to the applicant paying interest on the said amount @ 12% per annum. Accordingly, the Company Application is ordered. __________________________ B.Seshasayana Reddy, J 11th November, 2011 smr