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 sa

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