Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Validity of auction cancellation under the e-Auction Process Memorandum and IBBI Liquidation Regulations was examined: where a successful bidder fails to pay the balance within the prescribed period (including permitted extensions), the liquidator may cancel the sale and re-auction-cancellation was upheld. Clause 11 permitted forfeiture of the EMD for non payment and that forfeiture was sustained. Applying restitutionary principles to prevent unjust enrichment, the Tribunal held that retention of an additional 25% deposit could not be sustained where the liquidator recovered the same sale consideration in a subsequent auction, and directed refund of that deposit with interest.
Validity of auction cancellation under the e-Auction Process Memorandum and IBBI Liquidation Regulations was examined: where a successful bidder fails to pay the balance within the prescribed period (including permitted extensions), the liquidator may cancel the sale and re-auction-cancellation was upheld. Clause 11 permitted forfeiture of the EMD for non payment and that forfeiture was sustained. Applying restitutionary principles to prevent unjust enrichment, the Tribunal held that retention of an additional 25% deposit could not be sustained where the liquidator recovered the same sale consideration in a subsequent auction, and directed refund of that deposit with interest.
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