https://www.taxtmi.com/highlights?id=74675 Forfeiture of the earnest money deposit by the appellant bank - The Supreme Court held that, the underlying principle envisaged u/s(s) 73 & 74 of the Indian Contract Act, 1872 which is a general law will have no application, when it comes to the SARFAESI Act more particularly the forfeiture of earnest-money deposit which has been statutorily provided under Rule 9(5) of the SARFAESI Rules as a consequence of the auction purchaser’s failure to deposit the balance amount. - The High Court erred in law by holding that forfeiture of the entire deposit under Rule 9 sub-rule (5) of the SARFAESI Rules by the appellant bank after having already recovered its dues from the subsequent sale amounts to unjust enrichment. en-us Wed, 07 Feb 2024 07:13:20 +0530 Wed, 07 Feb 2024 05:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74675 Forfeiture of the earnest money deposit by the appellant bank - The Supreme Court held that, the underlying principle envisaged u/s(s) 73 & 74 of the Indian Contract Act, 1872 which is a general law will have no application, when it comes to the SARFAESI Act more particularly the forfeiture of earnest-money deposit which has been statutorily provided under Rule 9(5) of the SARFAESI Rules as a consequence of the auction purchaser’s failure to deposit the balance amount. - The High Court erred in law by holding that forfeiture of the entire deposit under Rule 9 sub-rule (5) of the SARFAESI Rules by the appellant bank after having already recovered its dues from the subsequent sale amounts to unjust enrichment. Highlights Indian Laws Wed, 07 Feb 2024 07:13:20 +0530 https://www.taxtmi.com/highlights?id=74675