https://www.taxtmi.com/caselaws?id=332452 Under the SARFAESI Act and the Security Interest (Enforcement) Rules, a sale notified for a particular date lapses if it does not materialise and the secured creditor must restart from the stage of issuing a fresh sale notice under Rule 8(6); a postponed auction cannot be completed by relying on the earlier notice, and the sale is treated as invalid. Rule 9 also requires strict compliance with post-sale payment conditions: 25% of the bid price must be deposited on the sale day, the balance must be paid within the prescribed time, and any extension must be agreed in writing by all concerned parties, including the borrower. Non-compliance makes confirmation and the sale certificate unsustainable. en-us Fri, 15 Jul 2016 00:00:00 +0530 Sat, 17 Sep 2016 11:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332452 Under the SARFAESI Act and the Security Interest (Enforcement) Rules, a sale notified for a particular date lapses if it does not materialise and the secured creditor must restart from the stage of issuing a fresh sale notice under Rule 8(6); a postponed auction cannot be completed by relying on the earlier notice, and the sale is treated as invalid. Rule 9 also requires strict compliance with post-sale payment conditions: 25% of the bid price must be deposited on the sale day, the balance must be paid within the prescribed time, and any extension must be agreed in writing by all concerned parties, including the borrower. Non-compliance makes confirmation and the sale certificate unsustainable. Case-Laws Indian Laws Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332452