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...
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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