Mutual fund's Cut off timeline for NAV

Sir, in mutual funds you explained If the transaction is more than 2 lakh then the NAV shall be considered of the day on which funds are received for utilisation. I understood that in case a person wants to buy units he will transfer the amount to the Mutual funds and the day amount will be received the same NAV will be taken but I cannot connect the procedure in case of selling units above worth 2 lakh. I mean in case of selling of units to whom the amount has to transferred or received? I dont understand that