Supreme Court · 2013 INSC 556 · Decided 22 August 2013
GM, Sri Siddeshwara Co-Operative Bank LTD. & ANR. v. Sri Ikbal & ORS.
- Court
- Supreme Court of India
- Citation
- 2013 INSC 556 · [2013] 8 S.C.R. 532
- Case number
- CIVIL APPEAL No. 6989/2013
- Decided
- 22 August 2013
- Bench
- RAJENDRA MAL LODHA, C.K. PRASAD (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 226; SARFAESI Act
Headnote
Security Interest (Enforcement) Rules, 2002 - r. 9 - C Auction of mortgaged property by lender~ Bank - For realization of loan amount from the borrower - Auction purchaser paid 75% of the sale consideration after the period specified in Sub-rule (4) of r.9 - Bank in favour of auction-purchaser - Writ petition challenging the o confirmation of sale - High Court allowed the petition for non­ compliance of r.9 - Held: The period specified in sub-rule (4) of r.9 for payment of balance amount of sale consideration is not mandatory - The period is
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