Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
