Liquidator entitled to forfeit Earnest Money Deposit deposited for participating in auction

Pankaj Srivastava Vs Dinesh Pulipati (Karnataka High Court) Karnataka High Court held that in terms of auction memorandum, liquidator appointed under the Insolvency and Bankruptcy Code, 2016, was empowered to forfeit the Earnest Money Deposit [EMD] and Interest free Refundable Participation Deposit Money [PDM] deposited for participating in the auction. Facts- The appellant has filed the present appeal impugning an order dated 12.12.2024. Respondent No.1 [writ petitioner] had filed the said petition impugning a letter dated 09.02.2024 issued by the appellant – Liquidator of M/s.Samrudhi Rea...