The case involves an application filed by Hanumanta Tradecom, the Applicant, against Amit Gupta, the Liquidator of Forever Precious Jewellery & Diamond Ltd, the Corporate Debtor. The Corporate Debtor was ordered for liquidation on 2020-09-01, and the Respondent was appointed as the Liquidator. The Applicant participated in an e-auction conducted by the Respondent for the sale of the Corporate Debtor's assets and was declared the successful bidder for four diamond boxes. The Applicant paid for three boxes but failed to pay the balance sale consideration for Diamond Box No. 2, leading to the forfeiture of the EMD and cancellation of the sale by the Respondent. The Applicant sought additional time to make the payment and prevent the forfeiture of the EMD.
The Corporate Debtor, Forever Precious Jewellery and Diamonds Limited, was ordered for liquidation on 2020-09-01, and Amit Gupta was appointed as the Liquidator. On 2023-04-19, the Liquidator published an e-auction notice for the sale of the Corporate Debtor's assets. Hanumanta Tradecom, the Applicant, submitted an Expression of Interest and deposited Rs. 90,95,000/- as EMD. The Applicant was declared the successful bidder for four diamond boxes: Diamond Box - 1 (2234 carats, Rs. 1,41,44,000), Diamond Box - 2 (1677.58 carats, Rs. 1,72,64,000), Diamond Box - 4 (1859.73 carats, Rs. 2,09,09,000), and Diamond Box - 14 (1277.29 carats, Rs. 1,19,83,000). The total bid value was Rs. 6,43,00,000. The assets were located at Module 26 & 27, SDF – III, MEPZ SEZ, Tambaram,
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The case involves an application filed by Hanumanta Tradecom, the Applicant, against Amit Gupta, the Liquidator of Forever Precious Jewellery & Diamond Ltd, the Corporate Debtor. The Corporate Debtor was ordered for liquidation on 2020-09-01, and the Respondent was appointed as the Liquidator. The Applicant participated in an e-auction conducted by the Respondent for the sale of the Corporate Debtor's assets and was declared the successful bidder for four diamond boxes. The Applicant paid for three boxes but failed to pay the balance sale consideration for Diamond Box No. 2, leading to the forfeiture of the EMD and cancellation of the sale by the Respondent. The Applicant sought additional time to make the payment and prevent the forfeiture of the EMD.
The Corporate Debtor, Forever Precious Jewellery and Diamonds Limited, was ordered for liquidation on 2020-09-01, and Amit Gupta was appointed as the Liquidator. On 2023-04-19, the Liquidator published an e-auction notice for the sale of the Corporate Debtor's assets. Hanumanta Tradecom, the Applicant, submitted an Expression of Interest and deposited Rs. 90,95,000/- as EMD. The Applicant was declared the successful bidder for four diamond boxes: Diamond Box - 1 (2234 carats, Rs. 1,41,44,000), Diamond Box - 2 (1677.58 carats, Rs. 1,72,64,000), Diamond Box - 4 (1859.73 carats, Rs. 2,09,09,000), and Diamond Box - 14 (1277.29 carats, Rs. 1,19,83,000). The total bid value was Rs. 6,43,00,000. The assets were located at Module 26 & 27, SDF – III, MEPZ SEZ, Tambaram,
…The Corporate Debtor/Forever Precious…
The Respondent published…