IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION MISCELLANEOUS APPLICATION NO 582 OF 2023 $\mathbf{I}$ $\mathbf{N}$ CIVIL APPEAL NO 548 OF 2023

Singhi Infrapower Projects Pvt Ltd

... Appellant

versus

Kashi Vishwanathan Siyaraman

... Respondent

O R D E R

$\mathbf{1}$ By an order of this Court dated 10 February 2023, time was granted until 31 March 2023 to deposit the balance towards auction consideration.

$\mathsf{Z}$ The balance payment of Rs 5.10 crores (out of the consideration of Rs 5.87 crores) was deposited on 3 April 2023.

$\mathbf{3}$ Though there is a delay in paying the balance of the auction consideration by 31 March 2023, we are of the considered view that the delay of 3 days should be condoned and order accordingly.

$\overline{4}$ However, learned counsel appearing on behalf of the liquidator has adverted to the provisions of Clause 12 of Schedule I to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. Clause 12 stipulates that at the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand. However, the proviso stipulates that ments made after thirty days shall attract interest at the rate of 12%.

5 Having due regard to the statutory liability to pay interest and the pendency of proceedings before various fora, in the present case, we order and direct that the applicant shall, in addition, deposit a consolidated amount of Rupees one crore with the liquidator towards the liability for interest. The amount shall be deposited by 15 May 2023.

6 In the event that the petitioner defaults in paying the interest component as directed above, the liquidator shall be at liberty to proceed in accordance with law.

7 The liquidator shall take expeditious steps to conclude the auction of the plant and machinery in any event within a period of 60 days.

8 The Miscellaneous Application is accordingly disposed of.

9 Pending applications, if any, stand disposed of.y 2023.

10 In the event that the petitioner defaults in paying the interest component as directed above, the liquidator shall be at liberty to proceed in accordance with law.

11 The liquidator shall take expeditious steps to conclude the auction of the plant and machinery in any event within a period of 60 days.

12 The Miscellaneous Application is accordingly disposed of.

13 Pending applications, if any, stand disposed of.

…...…...….......………………....…CJI. [Dr Dhananjaya Y Chandrachud]

…...…...….......………………....…..J. [Pamidighantam Sri Narasimha]

New Delhi; April 24, 2023 GKA

ITEM NO.13 COURT NO.1 SECTION XVII

S U P R E M E C O U R T O F I N D I A

Miscellaneous Application No. 582/2023 in C.A. No. 548/2023

(Arising out of impugned final judgment and order dated 10-02-2023 in C.A. No. No. 548/2023 passed by the Supreme Court Of India)

SINGHI INFRAPOWER PROJECTS PVT. LTD. Petitioner(s)

VERSUS

KASHI VISHWANATHAN SIVARAMAN Respondent(s)

(FOR ADMISSION and IA No.72108/2023-CONDONATION OF DELAY IN DEPOSITING COST and IA No.75845/2023-APPROPRIATE ORDERS/DIRECTIONS )

Date : 24-04-2023 This petition was called on for hearing today.

CORAM : HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA

For Petitioner(s) Mr. Anand Sukumar, AOR Mr. Kshitij Mittal, Adv.

RECORD OF PROCEEDINGS

For Respondent(s)

UPON hearing the counsel the Court made the following O R D E R

The Miscellaneous Application is disposed of in terms of the signed order

operative part of which reads as under :

"5 Having due regard to the statutory liability to pay interest and the pendency of proceedings before various fora, in the present case, we order and direct that the applicant shall, in addition, deposit a consolidated amount of Rupees one crore with the liquidator towards the liability for interest. The amount shall be deposited by 15 May 2023.

6 In the event that the petitioner defaults in paying the

interest component as directed above, the liquidator shall be at liberty to proceed in accordance with law.

7 The liquidator shall take expeditious steps to conclude the auction of the plant and machinery in any event within a period of 60 days.

8 The Miscellaneous Application is accordingly disposed of.

9 Pending applications, if any, stand disposed of."

(GULSHAN KUMAR ARORA) (SAROJ KUMARI GAUR)

AR-CUM-PS ASSISTANT REGISTRAR

(Signed order is placed on the file)