Forfeiture of Earnest Money Deposit from the E-Auction Applicant/Bidder – Saboo Tor Private Limited Vs. Mr. Sanjay Gupta, Liquidator Case Cold Roll Forming Ltd. – NCLAT New Delhi

In the present case, the material on record evidences that reminder e-mails dated 01.04.2020, 02.04.2020, 23.04.2020, 15.05.2020 and 18.05.2020 were issued by the Liquidator to the Appellant herein requesting for payment of the balance amount of the 25% of the consideration but the Appellant neither replied to the e-mails nor made any payment adhering to the terms and conditions. It can be safely construed that the Appellant, by his own conduct, precluded the coming into existence of the concluded ‘Sale’ and cannot now be given an advantage or benefit of his own wrong doing by not allowing forfeiture.(p14)

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