https://www.taxtmi.com/caselaws?id=217325 The court dismissed the application for refund of earnest money to the second highest bidder in an auction, emphasizing that the contract was completed upon declaration of auction results, binding the bidder to the terms. The court rejected the argument of withdrawal citing provisions of the Indian Contract Act and Companies Act, stating the bidder participated with full knowledge of terms. Allowing withdrawal would undermine accountability. The court imposed costs on the applicant for the unsuccessful claim, payable to the official liquidator within a specified period. en-us Fri, 18 May 2012 00:00:00 +0530 Tue, 12 Feb 2013 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217325 The court dismissed the application for refund of earnest money to the second highest bidder in an auction, emphasizing that the contract was completed upon declaration of auction results, binding the bidder to the terms. The court rejected the argument of withdrawal citing provisions of the Indian Contract Act and Companies Act, stating the bidder participated with full knowledge of terms. Allowing withdrawal would undermine accountability. The court imposed costs on the applicant for the unsuccessful claim, payable to the official liquidator within a specified period. Case-Laws Indian Laws Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217325