Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
NCLAT held that a concluded liquidation auction could not be set aside merely because a higher price was expected where the e-auction was publicly advertised, properly conducted, and free from fraud, collusion, underbidding or any fundamental procedural defect. It found that the earlier Lot 2 bid covered the entire area, while the additional land emerged as a separate plot after subdivision; the liquidator's earlier communications were only part of a price-discovery exercise and not a private sale. The successful bidder was an aggrieved person entitled to appeal, and the order for re-auction was reversed, with the sale restored and the sale certificate directed to be issued.
NCLAT held that a concluded liquidation auction could not be set aside merely because a higher price was expected where the e-auction was publicly advertised, properly conducted, and free from fraud, collusion, underbidding or any fundamental procedural defect. It found that the earlier Lot 2 bid covered the entire area, while the additional land emerged as a separate plot after subdivision; the liquidator's earlier communications were only part of a price-discovery exercise and not a private sale. The successful bidder was an aggrieved person entitled to appeal, and the order for re-auction was reversed, with the sale restored and the sale certificate directed to be issued.
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