9911796707
TMI Blog2012 (10) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant, who was the second highest bidder in the auction conducted by this court on October 13, 2011, for refund of its earnest money. 2. The facts of the present application are that on October 13, 2011, this court after conducting an auction had accepted the highest bid of Rs.42,00,000 of M/s, Manasvi Realtors P. Ltd., whereas the applicant, being the second highest bidder with a bid of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised by the hon'ble court. In case he withdraws from the sale, the entire earnest money shall stand forfeited. 13. That the earnest money deposited by the unsuccessful tenders shall be returned to them by the official liquidator without any inter-est. However, the earnest money deposited by the second highest bidder shall be refunded only after the 25 per cent. of the tender/bid amount (excluding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iting the bid amount as per the terms of the sale notice. 4. On December 22, 2011, when this court was informed by the official liquidator that even the applicant had defaulted in making payment of the bid amount, the applicant's earnest money was directed to be forfeited in terms of clause 14 of the terms and conditions of sale notice. 5. Mr. Mayank Kumar, learned counsel for the applicant stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication of the acceptance is complete as against the acceptor, but not afterwards." 6. Mr. Mayank also submitted that by virtue of section 457(2E) of the Companies Act, 1956, the applicant was at liberty to withdraw its bid three days prior to the date of closing of the bid. 7. However, this court is unable to accept the submissions advanced by learned counsel for the applicant. 8. Undoubtedly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icipated in sale/auction proceedings knowing fully well the terms and conditions of the sale and therefore, the applicant is bound by the terms and conditions and cannot be permitted to contend to the contrary at this stage. 10. This court is also of the view that, in the event submissions advanced by learned counsel for the applicant are accepted then the intent of binding down the second highes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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