https://www.taxtmi.com/caselaws?id=465713 A successful bidder in a liquidation auction is bound by the auction notice and bidding conditions accepted on participation. An amendment requiring disclosure of an extension beyond ninety days in the auction notice was held to operate prospectively and could not apply to a process already initiated and concluded. The bidder therefore had no entitlement to a later extension of time to pay the balance sale consideration. Because the bidding document expressly provided for cancellation and forfeiture on default, failure to pay within the stipulated period attracted that contractual consequence. The forfeiture of amounts already paid was upheld, and the challenge failed on both counts. en-us Wed, 26 Mar 2025 00:00:00 +0530 Tue, 06 Jan 2026 22:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465713 A successful bidder in a liquidation auction is bound by the auction notice and bidding conditions accepted on participation. An amendment requiring disclosure of an extension beyond ninety days in the auction notice was held to operate prospectively and could not apply to a process already initiated and concluded. The bidder therefore had no entitlement to a later extension of time to pay the balance sale consideration. Because the bidding document expressly provided for cancellation and forfeiture on default, failure to pay within the stipulated period attracted that contractual consequence. The forfeiture of amounts already paid was upheld, and the challenge failed on both counts. Case-Laws IBC Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465713