Allahabad HC Castigates Bank Of Baroda Over 'Illegal' Return Of Auctioned Property To Defaulting Borrower, Orders Heavy Compensation

The Allahabad High Court recently reprimanded the Bank of Baroda for what it termed an "arbitrary, whimsical, and capricious" action in returning an auctioned property to the defaulting borrower (the original borrower), despite having completed the auction process and accepted the earnest money from the successful bidder (the auction purchaser). Observing that the bank's conduct...