https://www.taxtmi.com/caselaws?id=437237 The Tribunal upheld the Liquidator's decision to forfeit the Earnest Money Deposit (EMD) and part consideration by the Appellant, rejecting the argument that such forfeiture was impermissible under the Indian Contract Act. The Tribunal found that the terms and conditions of the Tender Document allowed for such forfeiture in case of default, and the Appellant had accepted these terms. Additionally, the Tribunal dismissed the Appellant's claim of a defect in the property title, stating that the alleged issues did not justify the Appellant's failure to pay the balance amount on time. Consequently, the Tribunal upheld the cancellation of the sale and the forfeiture of the amounts deposited by the Appellant. en-us Fri, 28 Apr 2023 00:00:00 +0530 Tue, 02 May 2023 09:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437237 The Tribunal upheld the Liquidator's decision to forfeit the Earnest Money Deposit (EMD) and part consideration by the Appellant, rejecting the argument that such forfeiture was impermissible under the Indian Contract Act. The Tribunal found that the terms and conditions of the Tender Document allowed for such forfeiture in case of default, and the Appellant had accepted these terms. Additionally, the Tribunal dismissed the Appellant's claim of a defect in the property title, stating that the alleged issues did not justify the Appellant's failure to pay the balance amount on time. Consequently, the Tribunal upheld the cancellation of the sale and the forfeiture of the amounts deposited by the Appellant. Case-Laws Insolvency and Bankruptcy Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437237