THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.933 of 2011 In Company Application No.676 of 2011 In Company Application No.727 of 2010 Date:19th August, 2011 Between: V.Praveen Kumar Reddy ….Applicant And M/s.Commercial Benefit Corporation and 7 other firms (in liquidation) rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Respondents **** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.933 of 2011 In Company Application No.676 of 2011 In Company Application No.727 of 2010 ORDER: This is an application filed by applicant-V.Praveen Kumar Reddy seeking extension of time for payment of balance sale consideration of Rs.79,50,000/- 2. Heard learned counsel appearing for the applicant and learned counsel appearing for the Official Liquidator. 3. Learned counsel appearing for the applicant submits that the applicant participated in the negotiations and offered Rs.1,20,50,000/-. His offer came to be confirmed by this Court on 04.07.2011. Time has been allowed to the applicant to pay balance sale consideration within 30 days. Pursuant to the order, the applicant paid Rs.27,00,000/- and moved this application seeking extension of time. It is stated in the affidavit filed in support of the application that his monies are held up and he is expecting money within two months and therefore, he sought for extension of time. 4. As on this day, the applicant paid Rs.41,00,000/- out of Rs.1,20,50,000/-. The balance payable is Rs.79,50,000/-. Having considered the facts and circumstances, I deem it appropriate to extend 30 days time to the applicant subject to payment of interest at the rate of 12% p.a. on the balance sale consideration of Rs.79,50,000/- from 04.08.2011. 5. Accordingly, the Company Application is ordered. ______________________ B.SESHASAYANA REDDY, J. Date:19th August, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.933 of 2011 In Company Application No.676 of 2011 In Company Application No.727 of 2010 Date:19th August, 2011