Earnest Money Deposit

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.