https://www.taxtmi.com/caselaws?id=338764 In a SARFAESI auction, Rule 9(3) of the Security Interest (Enforcement) Rules, 2002 requires the successful bidder to pay 25% of the sale price immediately and the balance within the prescribed time, and that schedule is treated as mandatory. A purchaser who fails to pay the balance within time cannot seek extension contrary to the statutory regime or auction terms. However, forfeiture of the Earnest Money Deposit is sustainable only if the sale notice, sale conditions, or governing rules expressly authorise it; where no such authorisation exists, forfeiture cannot be upheld and refund is required. en-us Tue, 03 Jan 2017 00:00:00 +0530 Sat, 11 Feb 2017 10:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338764 In a SARFAESI auction, Rule 9(3) of the Security Interest (Enforcement) Rules, 2002 requires the successful bidder to pay 25% of the sale price immediately and the balance within the prescribed time, and that schedule is treated as mandatory. A purchaser who fails to pay the balance within time cannot seek extension contrary to the statutory regime or auction terms. However, forfeiture of the Earnest Money Deposit is sustainable only if the sale notice, sale conditions, or governing rules expressly authorise it; where no such authorisation exists, forfeiture cannot be upheld and refund is required. Case-Laws Indian Laws Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338764