https://www.taxtmi.com/caselaws?id=456640 Under the SARFAESI auction rules, where the sale notice and conditions expressly fix a reserve price and prohibit sale below that figure, a bidder has no enforceable right to insist on participation in inter se bidding on the basis of a lower bid. Rule 8(5) requires fixation of reserve price, and Rule 9(2) generally bars confirmation of a sale below that price except within the limited proviso-based framework with the necessary consent. The Bombay HC held that accepting a bid at a fraction of the reserve price would undermine the auction process, and the bid rejection was therefore valid. The earnest money objection did not change the result. en-us Mon, 10 Jan 2011 00:00:00 +0530 Wed, 07 Aug 2024 10:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456640 Under the SARFAESI auction rules, where the sale notice and conditions expressly fix a reserve price and prohibit sale below that figure, a bidder has no enforceable right to insist on participation in inter se bidding on the basis of a lower bid. Rule 8(5) requires fixation of reserve price, and Rule 9(2) generally bars confirmation of a sale below that price except within the limited proviso-based framework with the necessary consent. The Bombay HC held that accepting a bid at a fraction of the reserve price would undermine the auction process, and the bid rejection was therefore valid. The earnest money objection did not change the result. Case-Laws Indian Laws Mon, 10 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456640