Allahabad Bank Etc. Etc vs Bengal Paper Mills Co. Ltd. And Ors. Etc

The Supreme Court clarified its earlier judgment regarding the sale of assets of Bengal Paper Mills Co. Ltd., emphasizing that the Official Liquidator must refund the purchase price of Rs.2 crores to the applicant, who also sought reimbursement for additional expenditures. The Court held that while the refund of the purchase price is mandatory, any claims for additional expenses must be substantiated before the High Court. The sale order dated 15th September 1989 was set aside, and the Official Liquidator was directed to recover possession of the assets for resale after proper valuation.