https://www.taxtmi.com/caselaws?id=432698 Under Section 18 of the SARFAESI Act, the borrower must make the prescribed pre-deposit personally, and auction-sale proceeds cannot be appropriated towards that deposit when the borrower is also challenging the sale. The statutory condition is not satisfied by treating the auction purchaser's payment as if it were a deposit made by the borrower. The expression "debt due" for this purpose includes interest, because the Act adopts the wider definition of debt from the Recovery of Debts and Bankruptcy Act, 1993. The stated ratio is that the pre-deposit must be computed on the full debt due as claimed, including interest, and not reduced by proceeds of a disputed auction sale. en-us Thu, 05 Jan 2023 00:00:00 +0530 Wed, 11 Jan 2023 20:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432698 Under Section 18 of the SARFAESI Act, the borrower must make the prescribed pre-deposit personally, and auction-sale proceeds cannot be appropriated towards that deposit when the borrower is also challenging the sale. The statutory condition is not satisfied by treating the auction purchaser's payment as if it were a deposit made by the borrower. The expression "debt due" for this purpose includes interest, because the Act adopts the wider definition of debt from the Recovery of Debts and Bankruptcy Act, 1993. The stated ratio is that the pre-deposit must be computed on the full debt due as claimed, including interest, and not reduced by proceeds of a disputed auction sale. Case-Laws Indian Laws Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432698