https://www.taxtmi.com/caselaws?id=760375 Where an auction sale was set aside on equitable grounds rather than for illegality in the conduct of the sale, the auction purchaser who had deposited the full bid amount and was kept out of its use without fault was entitled to compensation for loss of use of money. The High Court's 5% compensation direction did not apply on its terms, so interest was the proper measure of restitution. The respondent bank, at whose instance the auction had been held, was directed to pay simple interest at 6% per annum on the deposited sum from the date of deposit until actual refund, and the 5% direction was set aside. 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 Where an auction sale was set aside on equitable grounds rather than for illegality in the conduct of the sale, the auction purchaser who had deposited the full bid amount and was kept out of its use without fault was entitled to compensation for loss of use of money. The High Court's 5% compensation direction did not apply on its terms, so interest was the proper measure of restitution. The respondent bank, at whose instance the auction had been held, was directed to pay simple interest at 6% per annum on the deposited sum from the date of deposit until actual refund, and the 5% direction was set aside. Case-Laws Indian Laws Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760375