TaxTMI 
TaxTMI 
2026 (8) TMI 1148
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....delay of 105 days in filing the present appeal stands condoned, subject to the deposit of the cost of Rs. 25,000/- within a period of two weeks in the account of Delhi High Court Advocates Welfare Trust, i.e., Current Account No. 15530210002995 (IFSCUCBA0001553), Bank Name-UCO Bank, Branch - Delhi High Court. 2. The acknowledgement about the payment of the cost be produced before the learned Company Judge, failing which, it will be presumed that the application for the condonation of delay is rejected as well as the present appeal. CO.APP. 4/2026 3. Pursuant to the E-Auction Sale Notice dated 16th January, 2024, the petitioner participated by depositing the earnest money of Rs. 9,83,700/-. 4. Clause 5 and 6 of the said notice re....
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.... mentioned lot/s in this e-auction. The EMD of the successful bidders will be transferred to the Official Liquidator electronically through payment Gateway. The entire PRE BID EMD of the successful bidders will be forfeited automatically if the highest bidder fails to pay the required Post-Bid Payment for the lot awarded to them. The PRE BID EMD of the unsuccessful parties will be refunded. No interest is payable on the Pre-Bid EMD/EMD." 7. Clause 9.2 mandates that the successful bidder shall pay the full and final bid amount along with the GST ['Goods and Services Tax'] as may be applicable, within the time prescribed in Schedule No. 2, failing which, the 25% of the bid amount which was remitted post the acceptance of the highest bid of....
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.... the Apex Court in the Civil Appeal No. 3334/2023, titled as "Godrej Projects Development Limited vs. Anil Karlekar & Ors." decided on 03rd February, 2025. Para 19 and Para 38 whereof reads thus:- "19. This Court has held that to justify the forfeiture of advance money being part of "earnest money" the terms of the contract should be clear and explicit. It has been observed that the earnest money is paid or given at the time when the contract is entered into and, as a pledge for its due performance by the depositor to be forfeited in case of non-performance by the depositor. However, this Court clarified that if the payment is made only towards part-payment of consideration and not intended as earnest money then the forfeiture clau....
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....K.R. Suresh v. R. Poornima and Ors". 17. We have considered the rival submissions in the light of the observations made by the learned Company Judge in the impugned order. 18. At the outset, we must note that the aspect of the satisfaction to be recorded qua the ingredient of Section 74 of the ICA was not canvassed by either side before the learned Company Judge. As such, learned Company Judge had no occasion to appreciate the same in the light of the interpretation given to the various provisions viz., EMD, Security Deposit etc., under the Indian Contract Act. 19. Apart from above, it is also not brought to our notice as to what was the occasion for the Official Liquidator to suffer the losses and the quantum thereunder, if the fi....