In Brief
LMJ International challenged a High Court order accepting a bid of ₹14,000 per metric ton for 10,000 MT of metallurgical coke at a court-ordered auction. The Court held that the reserve price of ₹13,000 per MT was exclusive of taxes and charges totalling approximately ₹5,100 per MT, making the actual net price ₹8,895 per MT—below the reserve. The Supreme Court set aside the High Court's order, directing a fresh auction with a revised valuation and a public notice clearly stating the reserve price is exclusive of taxes, to maximize realization for the parties."
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