https://www.taxtmi.com/caselaws?id=436475 The Supreme Court upheld the re-auction proceedings initiated by Punjab National Bank, directing the Bank to return Rs. 1.77 crores deposited by the appellant with accrued interest. The Court found the appellant's actions to be bona fide and held that the appellant should not be required to seek other remedies for the forfeited amount. The appeal was allowed, and the first respondent was ordered to return Rs. 50.25 lakhs to the appellant within two months, failing which interest at 12% per annum would apply until payment. en-us Tue, 11 Apr 2023 00:00:00 +0530 Fri, 14 Apr 2023 09:00:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436475 The Supreme Court upheld the re-auction proceedings initiated by Punjab National Bank, directing the Bank to return Rs. 1.77 crores deposited by the appellant with accrued interest. The Court found the appellant's actions to be bona fide and held that the appellant should not be required to seek other remedies for the forfeited amount. The appeal was allowed, and the first respondent was ordered to return Rs. 50.25 lakhs to the appellant within two months, failing which interest at 12% per annum would apply until payment. Case-Laws Indian Laws Tue, 11 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436475