Section 74 of Indian Contract Act, 1872 has no application in the case of Auction conducted by the Liquidator under the IBC Liquidation Process Regulations, 2016 and When the clauses of Tender document clearly empowers Liquidator to forfeit the EMD/any payment on default by the H1 Bidder, no exception can be taken to the action of the Liquidator in cancelling the sale and forfeiting the amount deposited by H1 Bidder – Westcoast Infraprojects Pvt. Ltd. Vs. Mr. Ram Chandra Dallaram Choudhary, Liquidator of Anil Ltd. – NCLAT New Delhi

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Timeline prescribed in CIRP Regulation 35A is only directory and the timeline prescribed for transactions under Section 46 does not cover the transactions covered by Section 49 and 66 of the Code – Aditya Kumar Tibrewal RP Vs. Om Prakash Pandey, Suspended Director – NCLAT New Delhi

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