Case Law Analysis
|Jharkhand High Court
Unjust Enrichment - 6% Interest on Refunded E-Auction Bid Awarded | Banking & SARFAESI Act : Jharkhand HC
The Jharkhand High Court ordered the bank to pay 6% per annum interest on the Rs 30.90 million e-auction refund, finding that keeping the money without a sale certificate constituted unjust enrichment and that the bank’s undertaking was void for duress. The ruling strengthens restitution duties for banks under the SARFAESI Act and protects auction bidders.