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TMI Blog2012 (10) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... . PET. NO. 26 OF 1997, CO. APPL. NO. 1017 OF 2012 - - - Dated:- 18-5-2012 - MANMOHAN, J. Mayank Kumar for the Applicant. JUDGMENT Co. Appl. No. 1017 of 2012 1. The present application has been filed by 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 Rs. 40,60,000 was directed to comply with the terms of the auction as mentioned in the sale notice. The relevant terms of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plied] 3. On November 3, 2011, when this court was informed that the highest bidder had defaulted in deposit of 25 per cent. of the bid amount within the prescribed time of seven days, it directed the official liquidator to forfeit the deposit of M/s. Manasvi Realtors P. Ltd., and permitted the official liquidator to invite the second highest bidder, i.e., the applicant for depositing 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 Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this court had conducted the auction and declared the applicant to be the second highest bidder and bound him to comply with the terms and conditions of the auction. 9. Moreover, as section 457(2E) has not been notified till date, it is inapplicable. In any event, this court is of the view that the said section only permits a party to a contract to withdraw its bid before the date of the closing of the bid. As pointed out hereinabove, in the present case, the bids had been closed and accepted on October 13, 2011. In any case, the applicant had participated 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 conten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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