https://www.taxtmi.com/caselaws?id=310911 The HC ruled that the secured creditor could proceed with a fresh auction sale of the properties due to the petitioner's failure to pay the balance after winning the auction during the pandemic lockdown. The Court emphasized that the forfeiture clause should not serve as a penalty but must align with actual damages incurred. The petitioner is allowed to participate in the new auction and, if successful, must cover the lower bid amounts, expenses, interest, and costs. The petitions were disposed of without awarding costs, and the creditor's actions were upheld. en-us Mon, 28 Jun 2021 00:00:00 +0530 Sat, 25 Nov 2023 06:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310911 The HC ruled that the secured creditor could proceed with a fresh auction sale of the properties due to the petitioner's failure to pay the balance after winning the auction during the pandemic lockdown. The Court emphasized that the forfeiture clause should not serve as a penalty but must align with actual damages incurred. The petitioner is allowed to participate in the new auction and, if successful, must cover the lower bid amounts, expenses, interest, and costs. The petitions were disposed of without awarding costs, and the creditor's actions were upheld. Case-Laws Indian Laws Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310911