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

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