https://www.taxtmi.com/caselaws?id=752372 Delhi HC directed IFCI to refund Rs. 57.50 lacs deposited by applicant pursuant to DRT order dated 03.06.2009, along with interest from deposit date. IFCI failed to provide proper accounting or bifurcation of amounts received from property sales/auctions under DRT. Court found IFCI's explanation regarding remittance to Official Liquidator inadequate and unsubstantiated. Despite IFCI's claims that the amount was included in Rs. 88,66,077/- payment made in February 2015, no proper documentation or covering letter supported this assertion. Court held IFCI accountable and liable for refund with interest. Application allowed. en-us Mon, 06 May 2024 00:00:00 +0530 Thu, 09 May 2024 07:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752372 Delhi HC directed IFCI to refund Rs. 57.50 lacs deposited by applicant pursuant to DRT order dated 03.06.2009, along with interest from deposit date. IFCI failed to provide proper accounting or bifurcation of amounts received from property sales/auctions under DRT. Court found IFCI's explanation regarding remittance to Official Liquidator inadequate and unsubstantiated. Despite IFCI's claims that the amount was included in Rs. 88,66,077/- payment made in February 2015, no proper documentation or covering letter supported this assertion. Court held IFCI accountable and liable for refund with interest. Application allowed. Case-Laws Companies Law Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752372