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Deposit amount in auction sale was correctly forfeited as petitioner couldn't pay full consideration in time

August 1, 2019[2019] 109 239 (NCLT- Chennai )

IBC: Where terms and conditions of auction sale provided for forfeiture of deposit on failure of successful bidder to pay sale consideration within specified time, Liquidator was entitled to terminate sale and forfeit deposit amount on failure of applicant to pay sale consideration within stipulated time

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