https://www.taxtmi.com/caselaws?id=109757 Surplus sale proceeds realised on auction of secured property were treated as money held in trust for the person entitled to them. Where the respondent undertook to deposit the surplus into court but retained it without justification, the undertaking was also regarded as a concluded contract. On that basis, and on equitable principles under section 34 of the Code of Civil Procedure, 1908, interest could be charged on the retained amount. The absence of any attempt to invest or preserve the surplus for better return further supported the claim for interest. The respondent was therefore liable to pay interest from receipt of the sale proceeds until deposit into court. en-us Tue, 07 Jan 2003 00:00:00 +0530 Wed, 11 Apr 2012 17:04:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109757 Surplus sale proceeds realised on auction of secured property were treated as money held in trust for the person entitled to them. Where the respondent undertook to deposit the surplus into court but retained it without justification, the undertaking was also regarded as a concluded contract. On that basis, and on equitable principles under section 34 of the Code of Civil Procedure, 1908, interest could be charged on the retained amount. The absence of any attempt to invest or preserve the surplus for better return further supported the claim for interest. The respondent was therefore liable to pay interest from receipt of the sale proceeds until deposit into court. Case-Laws Companies Law Tue, 07 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109757