(5)In case the bidder in whose name the auction is closed fails to pay the amount due from him at the fall of hammer or the amount of security required to be deposited under sub-rule (2) or fails to furnish the agreement deeded as required under sub-rule (3), the auctioning authority shall have the right to forfeit the earnest money, the 1/3rd amount already deposited at the time of auction and the cash security, cancel the bid, re-auction the fishing rights and also debar such a bidder from bidding for three years.
