Non-payment of balance sale consideration results into forfeiture of earnest money deposit

Kamal Vs Authorised Officer (DRAT Chennai) DRAT Chennai held that rule 9(5) of Security Interest (Enforcement) Rules, 2002 empowers forfeiture of earnest money deposit when balance sale consideration is not paid within stipulated time. Accordingly, order confirmed and appeal is dismissed. Facts- The appeal was filed against the sale held in respect of schedule mentioned property, on 29.05.2018. It is the case of the Appellant that Respondent No. 2 is the Partnership Firm, in which Respondent Nos. 3 and 4 are the partners. He mortgaged the schedule property for the loan availed by the 2nd Respo...