https://www.taxtmi.com/caselaws?id=312177 A highest bidder in a secured-asset auction acquires no enforceable right unless the bid conditions are fully complied with. Where the bidder failed to deposit the remaining 75% of the bid amount within the stipulated time, despite reminders and extension, the bank was entitled to cancel the sale and forfeit the deposit. The RBI circular relied on was inapplicable because it concerned borrowers, not successful bidders. As the asset remained with the secured creditor under the SARFAESI framework and no completed sale had arisen, the bank could also issue a fresh auction notice. The writ petition was dismissed and no interference was made with the auction-related actions. en-us Thu, 22 Oct 2020 00:00:00 +0530 Tue, 06 Feb 2024 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312177 A highest bidder in a secured-asset auction acquires no enforceable right unless the bid conditions are fully complied with. Where the bidder failed to deposit the remaining 75% of the bid amount within the stipulated time, despite reminders and extension, the bank was entitled to cancel the sale and forfeit the deposit. The RBI circular relied on was inapplicable because it concerned borrowers, not successful bidders. As the asset remained with the secured creditor under the SARFAESI framework and no completed sale had arisen, the bank could also issue a fresh auction notice. The writ petition was dismissed and no interference was made with the auction-related actions. Case-Laws Indian Laws Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312177