https://www.taxtmi.com/caselaws?id=793971 Default by an auction purchaser in paying the balance consideration within the prescribed time under the Security Interest (Enforcement) Rules, 2002 attracts statutory forfeiture under Rule 9(5). The purchaser was therefore not entitled to refund of the amount retained, and the bank was entitled to forfeit 25% of the bid amount after cancellation of the sale. The absence of loss to the bank, and even a higher price in the re-auction, did not affect the forfeiture, because equity cannot override the clear statutory mandate governing sale of secured assets. en-us Fri, 17 Apr 2026 00:00:00 +0530 Sat, 27 Jun 2026 08:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793971 Default by an auction purchaser in paying the balance consideration within the prescribed time under the Security Interest (Enforcement) Rules, 2002 attracts statutory forfeiture under Rule 9(5). The purchaser was therefore not entitled to refund of the amount retained, and the bank was entitled to forfeit 25% of the bid amount after cancellation of the sale. The absence of loss to the bank, and even a higher price in the re-auction, did not affect the forfeiture, because equity cannot override the clear statutory mandate governing sale of secured assets. Case-Laws Indian Laws Fri, 17 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793971