https://www.taxtmi.com/caselaws?id=276150 In recovery proceedings under Section 29 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Second Schedule to the Income Tax Act, 1961 applies unless modified, so the auction purchaser must make an immediate 25% cash deposit on being declared the purchaser and pay the balance within 15 days. The text treats these requirements in Rule 57 as mandatory, not directory, and states that payment by cheque does not satisfy the immediate deposit condition. It further notes that late payment of the balance cannot validate the sale, with non-compliance rendering the auction sale void and leaving the purchaser without an enforceable right to possession. en-us Wed, 31 Mar 2010 00:00:00 +0530 Wed, 31 Oct 2018 16:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276150 In recovery proceedings under Section 29 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Second Schedule to the Income Tax Act, 1961 applies unless modified, so the auction purchaser must make an immediate 25% cash deposit on being declared the purchaser and pay the balance within 15 days. The text treats these requirements in Rule 57 as mandatory, not directory, and states that payment by cheque does not satisfy the immediate deposit condition. It further notes that late payment of the balance cannot validate the sale, with non-compliance rendering the auction sale void and leaving the purchaser without an enforceable right to possession. Case-Laws Indian Laws Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276150