https://www.taxtmi.com/caselaws?id=754107 Punjab and Haryana HC disposed of writ petitions as infructuous after directing release of bid amount to successful auction bidder. The auction conducted under CIRP proceedings was subsequently set aside by Recovery Officer, who ordered refund of bid amount. HC held that corporate debtor had no legal right or beneficial interest in the deposited bid amount since the auction/sale was admittedly set aside with refund ordered. Court found no merit in IRP's objection to bid amount release, noting the money could not be considered for corporate debtor's benefit. Recovery Officer was directed to release the deposited amount expeditiously. en-us Fri, 24 May 2024 00:00:00 +0530 Mon, 17 Jun 2024 22:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754107 Punjab and Haryana HC disposed of writ petitions as infructuous after directing release of bid amount to successful auction bidder. The auction conducted under CIRP proceedings was subsequently set aside by Recovery Officer, who ordered refund of bid amount. HC held that corporate debtor had no legal right or beneficial interest in the deposited bid amount since the auction/sale was admittedly set aside with refund ordered. Court found no merit in IRP's objection to bid amount release, noting the money could not be considered for corporate debtor's benefit. Recovery Officer was directed to release the deposited amount expeditiously. Case-Laws Insolvency and Bankruptcy Fri, 24 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754107