https://www.taxtmi.com/article/detailed?id=17671 An earnest-money requirement in a SARFAESI auction must be assessed as either an essential eligibility condition or an ancillary condition capable of substantial compliance. Where both bidders made an identical marginally deficient earnest-money deposit, the bank accepted their bids, the highest bidder promptly deposited 25% of the sale price, and no prejudice resulted to the rival bidder or borrower, the deficiency does not invalidate the bid. Surplus sale proceeds retained by the bank in a non-interest-bearing account remain repayable to the borrower with interest. en-us Sat, 31 Oct 2026 08:35:31 +0530 Sat, 31 Oct 2026 08:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=17671 An earnest-money requirement in a SARFAESI auction must be assessed as either an essential eligibility condition or an ancillary condition capable of substantial compliance. Where both bidders made an identical marginally deficient earnest-money deposit, the bank accepted their bids, the highest bidder promptly deposited 25% of the sale price, and no prejudice resulted to the rival bidder or borrower, the deficiency does not invalidate the bid. Surplus sale proceeds retained by the bank in a non-interest-bearing account remain repayable to the borrower with interest. Articles Other Topics Sat, 31 Oct 2026 08:35:31 +0530 https://www.taxtmi.com/article/detailed?id=17671