Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Security Interest (Enforcement) Rules 2002: r.9 |
Content Type | Text |
Resource Type | Law Order |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Security Interest (Enforcement) Rules, 2002: r.9 –Interpretation of – Period of 15 days for making the deposit ofremaining 75% whether would start from the date of communicationof confirmation of sale or from the date of auction – Held: r.9(2)makes it clear that after confirmation by the secured creditor theamount has to be deposited – r.9(3) also makes it clear that periodof 15 days has to be computed from the date of confirmation – It isonly after confirmation is made under rule 9(4) that the amount hasto be deposited and on failure to deposit the amount, 25% amountdeposited earlier has to be forfeited and property has to be resold– In the instant case, the provisions had been fully complied with bythe auction purchaser by making the deposit of 75% of the amountfrom the date of confirmation of sale – Sale certificate was rightlyissued to the auction purchaser – Auction could not have been setaside. |
Judge | N/A |
Neutral Citation | 2018 INSC 253 |
Petitioner | Rakesh Birani (d) Through Lrs. |
Respondent | Prem Narain Sehgal & Anr. |
SCR | [2018] 3 S.C.R. 750 |
Judgement Date | 2018-03-21 |
Case Number | 3156 |
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