https://www.taxtmi.com/caselaws?id=465090 SC upheld the NCLAT order sustaining the Liquidator's power to forfeit the EMD and part consideration under the express terms of the tender document in a liquidation sale. It rejected the appellant's contention that such forfeiture was in the nature of penalty recoverable only by an independent action under Section 74 of the Contract Act, holding that the contractual stipulation validly authorized forfeiture on the bidder's default. Allegations of defect in the corporate debtor's title and suppression of material information by the Liquidator were not accepted as grounds to invalidate the forfeiture. The appeal was dismissed. en-us Wed, 05 Jul 2023 00:00:00 +0530 Fri, 05 Dec 2025 19:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465090 SC upheld the NCLAT order sustaining the Liquidator's power to forfeit the EMD and part consideration under the express terms of the tender document in a liquidation sale. It rejected the appellant's contention that such forfeiture was in the nature of penalty recoverable only by an independent action under Section 74 of the Contract Act, holding that the contractual stipulation validly authorized forfeiture on the bidder's default. Allegations of defect in the corporate debtor's title and suppression of material information by the Liquidator were not accepted as grounds to invalidate the forfeiture. The appeal was dismissed. Case-Laws IBC Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465090