https://www.taxtmi.com/caselaws?id=332560 Under the SARFAESI framework, the Court upheld the e-auction sale process because the borrower and secured creditor fell within the statutory definitions, the account was classified as NPA, and the notice-to-auction timeline satisfied the prescribed Rules; the challenge to procedural compliance was rejected. The Court also held that the mortgagor's right of redemption survives until the secured asset is validly transferred, and where only one secured asset among several is sold, redemption may be effected by paying the auction price for that asset together with incidental expenses and reasonable costs before registration of the sale certificate. Relief was granted to allow redemption within the time fixed by the Court. en-us Wed, 06 Apr 2016 00:00:00 +0530 Wed, 14 Sep 2016 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332560 Under the SARFAESI framework, the Court upheld the e-auction sale process because the borrower and secured creditor fell within the statutory definitions, the account was classified as NPA, and the notice-to-auction timeline satisfied the prescribed Rules; the challenge to procedural compliance was rejected. The Court also held that the mortgagor's right of redemption survives until the secured asset is validly transferred, and where only one secured asset among several is sold, redemption may be effected by paying the auction price for that asset together with incidental expenses and reasonable costs before registration of the sale certificate. Relief was granted to allow redemption within the time fixed by the Court. Case-Laws Indian Laws Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332560