HC Can Extend Time for E-Auction Bid Deposit in Exceptional Cases Under Article 226

Florican Prime Land LLP Vs Recovery Officer (Kerala High Court) Conclusion: Time for remitting the balance bid amount in an e-auction conducted by the Debt Recovery Tribunal (DRT) could be extended by the High Court under Article 226 of the Constitution, in exceptional and appropriate cases. Held: Assessee-LLP had emerged as the highest bidder in an e-auction offering Rs. 5.54 crore for a mortgaged property. As required under Rule 57(1) of the Second Schedule of the Income Tax Act, it deposited 25% of the bid amount, including EMD, on the same day. The balance of 75% was due on or before 10.01...