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2012 (6) TMI 342 - HIGH COURT OF GUJARATTermination of Sale of assets by liquidator and forfeiture of amount – breach of contract - official liquidator seeks that the sale of the property in question which was confirmed by the court at earlier stage, may be allowed to be terminated and the official liquidator also may be permitted to forfeit the amount deposited by respondent No. 1, i.e., the successful bidder during the auction sale – Held that:- breach on account of non-payment of balance amount of sale consideration ; the official liquidator, as per the terms of tender and paragraph 6(4) of the order dated February 22, 2006, is entitled to take action as per and in accordance with clause 17 and paragraph 6(4) of the order dated February 22, 2006 and the permission as contemplated by the said order therefore deserves to be granted and is hereby granted.
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