https://www.taxtmi.com/caselaws?id=286549 The court ruled in favor of forfeiting the Earnest Money Deposit (EMD) of Rs. 6,50,000/- each from Bhaskar Exxols Ltd. and Sankh Impex due to their breach of the auction terms. The court found that the bidders could not unilaterally withdraw their bids and upheld the validity and enforceability of the auction terms, including the forfeiture clause. The bidders were ordered to pay costs to the Official Liquidator, and the case proceedings were disposed of. en-us Mon, 09 Jan 2006 00:00:00 +0530 Tue, 03 Mar 2020 13:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286549 The court ruled in favor of forfeiting the Earnest Money Deposit (EMD) of Rs. 6,50,000/- each from Bhaskar Exxols Ltd. and Sankh Impex due to their breach of the auction terms. The court found that the bidders could not unilaterally withdraw their bids and upheld the validity and enforceability of the auction terms, including the forfeiture clause. The bidders were ordered to pay costs to the Official Liquidator, and the case proceedings were disposed of. Case-Laws Indian Laws Mon, 09 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286549