https://www.taxtmi.com/caselaws?id=755713 NCLAT upheld liquidator's forfeiture of Rs.96 lakh EMD in e-auction of assets. Appellant failed to pay balance amount within stipulated 90-day timeline despite liquidator's communications and interest notifications. E-auction process document clearly stated EMD forfeiture for non-payment and that sale certificate issuance required NCLT/NCLAT approval. Court rejected appellant's claim for EMD refund and compensation, finding no liquidator deficiency as sale certificate delay resulted from judicial orders, not liquidator fault. Appeal dismissed. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 06:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755713 NCLAT upheld liquidator's forfeiture of Rs.96 lakh EMD in e-auction of assets. Appellant failed to pay balance amount within stipulated 90-day timeline despite liquidator's communications and interest notifications. E-auction process document clearly stated EMD forfeiture for non-payment and that sale certificate issuance required NCLT/NCLAT approval. Court rejected appellant's claim for EMD refund and compensation, finding no liquidator deficiency as sale certificate delay resulted from judicial orders, not liquidator fault. Appeal dismissed. Case-Laws Insolvency and Bankruptcy Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755713