Supreme Courts affirms EMD Forfeiture Follows Failure to Pay Liquidation Sale Consideration

ASJ Finsolutions won a liquidation auction at the reserve price but failed to pay the balance consideration within 30 days or within the extended 90-day period with interest. The Supreme Court held that the auction notice expressly provided for forfeiture on such failure and, once the bid stood cancelled for default, forfeiture followed as a necessary consequence.