Topic
Auction Sale
2 articles
Property Law
Bid With Open Eyes, Pay on Time: Supreme Court on Forfeiture of Earnest Money and Part-Payments by a Defaulting Bidder in a Liquidation Auction of Land
A bidder for a Sonepat land parcel sold in IBC liquidation paid a quarter of its bid, then asked for the title deeds and missed the deadlines. The Supreme Court held that the auction notice's forfeiture clause governed, and that the Liquidation Process Regulations' silence on forfeiture did not help the bidder.
14 min readProperty Law
Sanctity Is the Reward of Legality: Supreme Court Quashes a SARFAESI Auction Sale of a Hill Resort Over Restraint-Order Bids, a Truncated Notice Period and a Nominee Purchaser
A mortgaged hill resort, a sale certificate issued to a firm that did not bid, and a bid received while a tribunal's restraint was in force: the Supreme Court held that the auction was illegal in its entirety, and that the finality attaching to auction sales is earned only by compliance with the statutory procedure.
14 min read