THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION NO.1986 OF 2009 IN COMPANY APPLICATION NO.343 OF 2009 IN COMPANY PETITION NO.57 of 2009 ORDER : By order dated 26.04.2001 made in C.P.No.57 of 1999 this Court ordered winding up of M/s. Sirsilk Limited and the Official Liquidator attached to this Court was appointed as the Liquidator. Pursuant thereto, the Official Liquidator took possession of the properties of the company in liquidation situated at Sirpur Kaghaznagar, Adilabad District. All the said properties, comprising of vacant land, quarters and commercial structures were got valued through M/s. APITCO Limited and some of the assets were disposed of. In order to bring the unsold assets for sale, the Official Liquidator filed Company Application No.343 of 2009 and this Court by order dated 18.04.2009 permitted the Official Liquidator to sell the assets of the company in liquidation in 8 different lots after getting valued through a Chartered Valuer. While approving the terms and conditions for sale of the properties and the draft notice inviting sealed tenders as proposed by the Official Liquidator, this Court further ordered that in the draft notice one more note may be added indicating that the bidders may also opt to bid for lesser extent of land and correspondingly submit the EMD at 10% of the valuation offered by them. In terms of the said order, the Official Liquidator issued sale notice dated 6.5.2009 putting the land to sale in 8 lots and also permitting the bidders to submit their tenders for lesser extent of land in a lot. Accordingly, the Official Liquidator put the assets in 8 lots for sale on “as is where is and whatever there is” basis. So far as Lot No.5, admeasuring Ac.34-63 cents of land is concerned, the applicant herein, who offered Rs.1,80,00,000/- was the successful bidder. By letter dated 06.11.2009 the Official Liquidator called upon the applicant to deposit the balance sale consideration of Rs.1,62,00,000/- (after deducting the EMD already paid) within one month. At that stage, the present application has been filed seeking extension of time for depositing the balance sale consideration stating that the applicant was expecting the amounts in his business transactions within six weeks. I have heard Sri G.Narender Raj, the learned counsel for the applicant and Sri M.Anil Kumar, learned counsel appearing for the Official Liquidator. The Official Liquidator placed before this Court a calculation memo which shows that as on today Rs.98 Lakhs has been paid by the applicant and a sum of Rs.82 Lakhs is still due towards the sale consideration. It is to be noticed that C.A.No.2036 of 2009 filed by the applicant contending that the value of the buildings allegedly existing on the land in question at the time of the auction was liable to be deducted was dismissed by this Court by order dated 27.12.2010. Having regard to the pendency of the said application and taking into consideration the inability expressed by the applicant to make the balance amount ready within the time fixed by the Official Liquidator, I deem it appropriate to extend the time for payment of the balance till 2.2.2011, however subject to payment of interest at the rate of 8%. Accordingly, the Application is disposed of extending the time for payment of the balance sale consideration of Rs.82 Lakhs together with interest at the rate of 8% on Rs.82 Lakhs from 8.12.2009 to 27.12.2010 on or before 2.2.2011. No costs. ______________ G. ROHINI, J. Dt. 29.12.2010 Ivd