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Contract - Earnest money - Forfeiture

2015 STPL(Web) 681 ORI [AIR 2015 ORISSA 46] ORISSA HIGH COURT (AMITAVA ROY, C. J. AND DR. A. K. RATH, JJ.)
CHANDANESWAR ENTERPRISES LTD. Petitioner VERSUS INDUSTRIAL PROMOTION & INVESTMENT CORPORATION OF ORISSA LTD. Respondent W. P. (C) No. 17035 of 2007-Decided on 22-12-2014.

Contract Act,1872, Sections 7, 74 - Earnest Money - Forfeiture of - Sale notice stipulates that "if the offer is accepted by the Corporation and the offerer (s) does not come forward to accept the same, the amount deposited with the offer shall be forfeited - Amount deposited with the offer will be refunded without any interest in case the offer is not accepted by the Corporation Offers invited from intending parties for sale of assets - Final offer made by the petitioner was not accepted in toto - Since the offer was not accepted by the opposite party, the question of forfeiture of E.M.D does not arise at all - Forfeiting the E.M.D. of the petitioner liable to be quashed - Opposite party directed to refund the said amount within a period of thirty days to the petitioner. (Paras 6 to 9)
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