When you place an order on Coin, the cancellation option remains available until the order is allotted. However, whether the cancellation actually goes through depends on the payment status at the exchange.
Your payment goes through these steps:
1. You pay via netbanking and the amount is debited from your account immediately
2. The payment aggregator collects these payments and reports them to the clearing corporation in batches (typically at 10 AM, 12:30 PM, 2:30 PM, 6 PM, and 10 PM)
3. Once reported, the payment gets “mapped” to your order at the exchange
Why your cancellation worked:
You placed the order at 1:17 PM (after the 12:30 PM batch) and cancelled at 12:05 AM the next day. Since netbanking payments can take up to 24 hours to be confirmed and mapped - especially if your bank isn’t one of the top 6 banks with direct clearing corporation accounts - your payment hadn’t been mapped to the order yet when you cancelled.
The cancellation API is connected directly to the exchange. If the exchange hasn’t received the mapped payment yet, it allows the cancellation. If the payment had already been mapped, the exchange would have rejected your cancellation request.
Your refund:
Since the cancellation was successful, your refund should be processed. You can track it in your bank account within 3-5 business days.
Something that will come soon, a revamped order lifecycle to help you track transactions better 
