Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh ...

EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.

Case Laws Insolvency and Bankruptcy

July 18, 2024

Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh EMD for non-payment of balance amount within stipulated timeline after e-auction of assets was dismissed. E-auction process document clearly allowed forfeiture if successful bidder failed to make complete payment within 90 days. Appellant breached terms by non-payment despite Liquidator's reminders. Issuance of sale certificate was subject to NCLT/NCLAT orders, and delay wasn't Liquidator's deficiency. Appellant wasn't entitled to EMD refund or compensation as claimed. Adjudicating Authority's order upholding Liquidator's actions was upheld.

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Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh ...

EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.

Case Laws Insolvency and Bankruptcy

July 18, 2024

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