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In a High Court case involving an auction sale in Corporate Insolvency Resolution Process (CIRP) u/s IBC, the issue was the refund of bid amount by the successful bidder. The Recovery Officer set aside the auction proceedings and sale in favor of the bidder. The Court held that the corporate debtor had no legal right over the bid amount, which was to be refunded to the successful bidder. The Court directed the Recovery Officer to release the amount to the bidder promptly. The Court disposed of the petitions without expressing an opinion on the merits, considering the NCLT's order.
In a High Court case involving an auction sale in Corporate Insolvency Resolution Process (CIRP) u/s IBC, the issue was the refund of bid amount by the successful bidder. The Recovery Officer set aside the auction proceedings and sale in favor of the bidder. The Court held that the corporate debtor had no legal right over the bid amount, which was to be refunded to the successful bidder. The Court directed the Recovery Officer to release the amount to the bidder promptly. The Court disposed of the petitions without expressing an opinion on the merits, considering the NCLT's order.
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