https://www.taxtmi.com/caselaws?id=403066 The Tribunal upheld the Liquidator's decision to forfeit the Earnest Money Deposit (EMD) due to the Appellant's failure to comply with auction terms and payment timelines. The Appellant's argument regarding the applicability of Section 74 of the Indian Contract Act was dismissed, as the forfeiture was a result of non-compliance with auction terms, not a breach post-agreement. Despite citing challenges due to the COVID-19 lockdown, the Tribunal found the Appellant had opportunities to make the payment but failed to do so, leading to the dismissal of the appeal and validation of the EMD forfeiture. en-us Mon, 18 Jan 2021 00:00:00 +0530 Mon, 18 Jan 2021 21:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403066 The Tribunal upheld the Liquidator's decision to forfeit the Earnest Money Deposit (EMD) due to the Appellant's failure to comply with auction terms and payment timelines. The Appellant's argument regarding the applicability of Section 74 of the Indian Contract Act was dismissed, as the forfeiture was a result of non-compliance with auction terms, not a breach post-agreement. Despite citing challenges due to the COVID-19 lockdown, the Tribunal found the Appellant had opportunities to make the payment but failed to do so, leading to the dismissal of the appeal and validation of the EMD forfeiture. Case-Laws Insolvency and Bankruptcy Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403066