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SAMEER JAIN
Ashok Kumar Agarwal, Son Of Sh. Jagdish Prasad – Appellant
Versus
Rajasthan State Industrial Development And Investments Corporation Limited, Through Its Managing Director – Respondent
ORDER :
1. Being aggrieved and dissatisfied with the impugned order dated 02.12.2014, passed by the respondent-RIICO, whereby the respondents have forfeited the earnest money deposited by the petitioner, the latter has preferred the instant writ petition under Article 226 of the Constitution of India, with the following prayer:-
2. Learned counsel for the petitioner has submitted that on 15.08.2014, the respondent-RIICO issued an advertisement for the auction of commercial plots situated in various areas of Jaipur, including the plot in question located at Bassi (Extension) in Jaipur. By way of the said advertisement, closed/sealed bids were invited by the respondent-RIICO. The minimum reserved/proposed price for the aforementioned plot was fixed at Rs. 5,500/-per square meter. It is pertinent to note that as per the t
Forfeiture of earnest money must be reasonable, just, and based on actual loss suffered. The manner of cancellation and forfeiture should be fair and equitable.
The NIT stipulated that tenderers who resile before the validity period shall be liable for forfeiture of EMD. The action of the respondents in seeking change of the rate offered bid amounted to resi....
The main legal point established in the judgment is that the forfeiture of earnest money as per the terms of the contract is justified, especially when time is the essence of the contract.
The main legal point established in the judgment is that the forfeiture of earnest money deposit must be reasonable and in compliance with the tender conditions, and the court's decision was influenc....
The main legal point established in the judgment is that forfeiture of earnest money requires the establishment of actual loss, and the principle of 'caveat emptor' applies in the context of property....
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