Forfeiture of entire Earnest Money Deposit not justified owing to Covid-19: NCLAT Chennai

Nimmagadda Surya Pradeep Bio-Tech Pvt. Ltd. Vs Kamineni Steels & Power India Pvt. Ltd. (NCLAT Chennai) NCLAT Chennai owing to the situation prevailing due to Covid-19, the earnest money should not be permitted to be forfeited, where a subsequent fresh auction has taken place and the property has been sold at a higher price. Accordingly, directed to refund 75% EMD and retain 25% EMD. Facts- The short controversy, which would be required to be considered by us, in the instant company appeal, would be limited to the extent as to whether the Appellant herein, being determined as to be a succes...