https://www.taxtmi.com/caselaws?id=760375 The SC modified HC orders regarding compensation for a set-aside auction sale. The HC had set aside the auction on equitable grounds after debtors deposited the full amount owed to the bank within three months. The SC held that the successful bidder, who deposited Rs.81,20,000/- but was deprived of using it through no fault of his own, deserved adequate compensation. The court increased compensation from 5% solatium to 6% per annum simple interest from deposit date until actual refund, making the bank liable for payment since the auction was conducted at its instance. en-us Fri, 18 Oct 2024 00:00:00 +0530 Mon, 21 Oct 2024 08:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760375 The SC modified HC orders regarding compensation for a set-aside auction sale. The HC had set aside the auction on equitable grounds after debtors deposited the full amount owed to the bank within three months. The SC held that the successful bidder, who deposited Rs.81,20,000/- but was deprived of using it through no fault of his own, deserved adequate compensation. The court increased compensation from 5% solatium to 6% per annum simple interest from deposit date until actual refund, making the bank liable for payment since the auction was conducted at its instance. Case-Laws Indian Laws Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760375