No exception can be taken to the action of the Liquidator in cancelling the sale and forfeiting the amount deposited by Successful Auction Bidder having failed to deposit the balance amount – BRS Refineries Vs. Mr. Supriyo Kumar Chaudhari, Liquidator, JVL Agro Industries Ltd. – NCLAT New Delhi
Hon’ble NCLAT affirmed the decision of NCLT Allahabad Bench holding that when the Process Document itself contemplate issuance of Sale Certificate subject to order passed by NCLT, all bidders were clearly informed about the said contingency. When the bidder in any auction participate it is subject to all terms and conditions as provided in the E-auction Process Information Document and all bidders are binding to all terms and conditions of the Process Document.
