High Court Orders IFCI to Refund Rs. 57.50 Lacs Plus 18% Interest Due to Insufficient Documentation of Applicant's Funds.

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Full Text of the Document

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....Refund the amount deposited by the applicant pursuant to the directions/ order of the DRT, Delhi - The High court observes that IFCI failed to demonstrate that the amount deposited by the applicant was remitted to the Official Liquidator. Despite repeated opportunities, IFCI did not provide a satisfactory breakdown of the amounts deposited with the Official Liquidator, leading to uncertainty regarding the inclusion of the applicant's funds. - Given the failure of IFCI to account for the applicant's funds and provide satisfactory documentation, the court directs IFCI to refund the amount of Rs. 57.50 Lacs to the applicant, along with interest at 18% per annum from the date of deposit.....