THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.1585 of 2011 11th October, 2011 Between :- M/s.Tapaswi Infra Projects (P) Ltd., 313/A, Usha Enclave, Srinagar Colony, Hyderabad Rep.by its Director – M.Indrasena Choudary .. Petitioner And Allwyn Watches Limited (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.1585 of 2011 ORDER:- This application has been filed by M/s.Tapaswi Infra Projects (P) Ltd., under Rule 9 of the Companies (Court) Rules, 1959 seeking extension of time for payment of the balance sale consideration of Rs.4,62,00,000/-. The petitioner became the highest bidder for lot No.3 comprising land admeasuring Ac.16.60 along with buildings and civil works at Penukonda, Anantapur District, having offered an amount of Rs.6,60,00,000/-. He paid EMD of Rs.88,00,000/-. Sale in his favour came to be confirmed as per Orders in Company Application No.615 of 2011 dated 5-9-2011. He was to pay the balance sale consideration within thirty days. Time allowed to him has been expired by 6-10- 2011. Hence, this application. Heard learned Counsel appearing for the applicant and the learned Official Liquidator representing the respondent. Learned Counsel appearing for the applicant submits that the applicant is not able to mobilize the funds and therefore he needs three months time for paying the balance sale consideration. 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. Accordingly, the Company Application is ordered. ________________________ B.Seshasayana Reddy, J 11th October, 2011 smr