In Brief
LMJ International challenged a high court order approving a public auction of metallurgical coke at Rs. 14,000 per MT. The Supreme Court held that the reserve price of Rs. 13,000 per MT was exclusive of taxes and duties, making the net winning bid substantially below the reserve price. The Court set aside the auction acceptance and directed the Special Officer to obtain fresh valuation and conduct a new auction with a clear public notice specifying whether the reserved price is exclusive or inclusive of all taxes and charges, ensuring transparency and maximum realization of property value. The appellant's deposit was ordered to be refunded.
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