https://www.taxtmi.com/caselaws?id=292871 Binding tender conditions governed the pre-confirmation stage of a public auction, and the highest bidder acquired no enforceable right until the bid was formally confirmed. Where the bidder failed to pay the stipulated 25% within time, the forfeiture clause in the tender terms applied. The court also held that a bidder who participated with knowledge of the tender conditions could not rely on Section 55 of the Transfer of Property Act, 1882, or alleged title defects or encumbrances, to avoid the contractual consequence. The earnest money deposit was therefore validly forfeited and no illegality or lack of jurisdiction was found. en-us Mon, 13 Oct 2008 00:00:00 +0530 Mon, 11 Jan 2021 10:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292871 Binding tender conditions governed the pre-confirmation stage of a public auction, and the highest bidder acquired no enforceable right until the bid was formally confirmed. Where the bidder failed to pay the stipulated 25% within time, the forfeiture clause in the tender terms applied. The court also held that a bidder who participated with knowledge of the tender conditions could not rely on Section 55 of the Transfer of Property Act, 1882, or alleged title defects or encumbrances, to avoid the contractual consequence. The earnest money deposit was therefore validly forfeited and no illegality or lack of jurisdiction was found. Case-Laws Indian Laws Mon, 13 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292871