THE HON'BLE Ms. JUSTICE G.ROHINI COMPANY APPLICATION No. 160 OF 2011 In COMPANY APPLICATION No.1572 of 2010 In COMPANY APPLICTION No.1076 of 2008 IN COMPANY APPLICATION No.30 of 2005 Dated: 28.02.2011 Between: P.V.Srikanth & Associates ..... Applicant And The Official Liquidator, High Court of A.P., Hyderabad and others The Court made the following:- THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION No. 160 OF 2011 In COMPANY APPLICATION No.1572 of 2010 In COMPANY APPLICTION No.1076 of 2008 IN COMPANY APPLICATION No.30 of 2005 O R D E R : Heard the learned counsel for the applicant as well as the learned counsel appearing for the respondents. This Court by order dated 30.12.2010 made in Company Application No.1572 of 2010 granted time till 25.02.2011 for depositing the balance sale consideration in terms of the order dated 30.11.2010 in Company Application No.1076 of 2008. The present application has been filed with a prayer to extend the time so granted up to 30.04.2011. It is not disputed before this Court that the applicant is liable to pay a sum of Rs.3,25,10,000/- towards the balance sale consideration and that out of the said amount the applicant has paid a sum of Rs.67,50,000/- to the Official Liquidator on 25.02.2011 by way of 10 Demand Drafts. In the affidavit filed in support of the application, the applicant stated that he is ready and willing to pay the remaining balance by 30.04.2011 in two instalments. The applicant has also undertaken not to seek any further extension. Having regard to the facts and circumstances, particularly the undertaking given by the applicant, I deem it appropriate to extend the time for payment of balance sale consideration upto 30.04.2011. However it is made clear that so far as the amounts payable by way of first instalment on or before 31.03.2011, the applicant shall pay the interest at the rate of 9% per annum. On the balance which shall be payable by way of second instalment on or before 30.04.2011, the applicant shall pay interest at the rate of 12% p.a. Subject to the above condition for payment of interest, the Application is allowed. No costs. ____________ G. ROHINI, J Date: 28.02.2011 Note: Issue CC in two days (B/o) Ivd