https://www.taxtmi.com/caselaws?id=302617 Non-payment of the balance auction purchase money within the time prescribed under Rule 107(11)(g) of the Maharashtra Co-operative Societies Rules, 1961 was treated as a mandatory breach that vitiated the sale. The requirement to deposit 15% at the auction and the remaining amount within 15 days was held to go to the root of the auction process, so non-compliance was not a mere irregularity but rendered the purported sale a nullity. The legal effect stated is that an auction conducted without such compliance is invalid and the property must be re-auctioned in accordance with the Rules. en-us Wed, 02 May 2007 00:00:00 +0530 Wed, 08 Jun 2022 16:33:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302617 Non-payment of the balance auction purchase money within the time prescribed under Rule 107(11)(g) of the Maharashtra Co-operative Societies Rules, 1961 was treated as a mandatory breach that vitiated the sale. The requirement to deposit 15% at the auction and the remaining amount within 15 days was held to go to the root of the auction process, so non-compliance was not a mere irregularity but rendered the purported sale a nullity. The legal effect stated is that an auction conducted without such compliance is invalid and the property must be re-auctioned in accordance with the Rules. Case-Laws Indian Laws Wed, 02 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302617