Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The auction sale notice for the immovable property of the society under liquidation was published with a lower valuation and upset price. Despite being aware of the undervaluation, the appellant did not promptly challenge it, allowing the auction to proceed. The auction purchaser was a statutory body, the Agricultural Produce Market Committee. The court held that the appellant's delayed objection after the auction was unjustified, as it should have approached the court promptly upon noticing the undervaluation. The law discourages indolent litigants and aims to protect accrued third-party rights. Although the purchaser's statutory status does not grant immunity for acquiring property at a throwaway price, the appellant's own interests as a cooperative bank deserve consideration. Invoking Article 142, the court directed the purchaser to pay the appellant Rs. 1,05,98,710 towards full settlement of the society's outstanding dues, disposing of the appeal.
The auction sale notice for the immovable property of the society under liquidation was published with a lower valuation and upset price. Despite being aware of the undervaluation, the appellant did not promptly challenge it, allowing the auction to proceed. The auction purchaser was a statutory body, the Agricultural Produce Market Committee. The court held that the appellant's delayed objection after the auction was unjustified, as it should have approached the court promptly upon noticing the undervaluation. The law discourages indolent litigants and aims to protect accrued third-party rights. Although the purchaser's statutory status does not grant immunity for acquiring property at a throwaway price, the appellant's own interests as a cooperative bank deserve consideration. Invoking Article 142, the court directed the purchaser to pay the appellant Rs. 1,05,98,710 towards full settlement of the society's outstanding dues, disposing of the appeal.
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