https://www.taxtmi.com/caselaws?id=111457 A bid accepted in a court-controlled sale did not amount to a concluded contract where the sale terms and interim orders required further sanction or confirmation before finalisation. The obligation to pay the balance consideration arose only after such final sanction, so non-payment could not be treated as default at that stage. On the same footing, earnest money could not be forfeited unless a concluded contract had come into existence and breach occurred thereafter. The consent order passed in the absence of the bidders was also found unsustainable, and the matter was remitted for fresh consideration under the governing sale conditions and interim directions. en-us Thu, 04 Jan 2007 00:00:00 +0530 Wed, 14 Aug 2013 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111457 A bid accepted in a court-controlled sale did not amount to a concluded contract where the sale terms and interim orders required further sanction or confirmation before finalisation. The obligation to pay the balance consideration arose only after such final sanction, so non-payment could not be treated as default at that stage. On the same footing, earnest money could not be forfeited unless a concluded contract had come into existence and breach occurred thereafter. The consent order passed in the absence of the bidders was also found unsustainable, and the matter was remitted for fresh consideration under the governing sale conditions and interim directions. Case-Laws Companies Law Thu, 04 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111457