Authority: Supreme Court of India
Order Date: 10-09-2026
Case Overview
- Petition for Special Leave to Appeal (C) No. 8907/2024, arising from the impugned final judgment and order dated 13‑02‑2024 of WPMD No.3024/2024 passed by the Madurai Bench of the High Court of Judicature at Madras.
- Petitioner: P. Renganathan; Respondents: The Authorized Officer, Canara Bank & others.
- Multiple Interlocutory Applications were listed (IA Nos. 75354/2025, 162842/2024, 92030/2024, 2231/2025, 139668/2024, 178183/2024) seeking various exemptions and permissions.
- The matter was heard before a bench comprising Hon’ble Chief Justice, Hon’ble Justice Joymalya Bagchi and Hon’ble Justice V. Mohana on 10‑09‑2026.
Observations and Directions
- The Court noted that PricewaterhouseCoopers (PwC), Chennai, appointed as forensic auditor, had declined to comply with the Court’s order dated 30‑07‑2026, citing a “high‑risk project” classification by its Risk Department.
- The Court clarified that the audit direction was issued by the Court, not by any individual, and therefore PwC’s refusal is untenable.
- The Court directed PwC, Chennai to conduct a forensic audit of the accounts of Respondent No.3 – M/s Oxina Land Developers Private Limited and to submit a report indicating the estimated market value of the subject hotel as on the date of auction.
- The audit and report must be completed within four weeks from the date of this order.
- The matter is to be listed again on 19‑11‑2026 for further consideration.
Final Outcome
- PwC, Chennai is mandated to complete the forensic audit and provide the valuation report within the stipulated four‑week period, failing which further contempt or enforcement actions may be contemplated. The report will be examined when the case is posted on 19‑11‑2026.
Topics: Court Proceedings, Forensic Audit, Real Estate