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        Case ID :
        Insolvency and Bankruptcy

        Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh...

        EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh EMD for non-payment of balance amount within stipulated timeline after e-auction of assets was dismissed. E-auction process document clearly allowed forfeiture if successful bidder failed to make complete payment within 90 days. Appellant breached terms by non-payment despite Liquidator's reminders. Issuance of sale certificate was subject to NCLT/NCLAT orders, and delay wasn't Liquidator's deficiency. Appellant wasn't entitled to EMD refund or compensation as claimed. Adjudicating Authority's order upholding Liquidator's actions was upheld.
                                Note: It is a system-generated summary and is for quick reference only.
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