2007 (5) TMI 562

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.... and order dated 16.1.2003 of the Bombay High Court in writ petition No. 105/2003. 2. Heard learned counsel for the parties and perused the record. 3. The appellant had taken a loan from respondent No. 1, which is a cooperative bank registered under the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as the 'Act'). Since the appellant was in default in payment of the loan, ....

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....lal Shah and others vs. Sardar Sayed Ahmed Sayed Mahmad and another AIR 1954 SC 349, it has been held that in such circumstances there is no sale at all if the balance purchase money is not paid within 15 days. It is not a mere irregularity. Non-payment of the said amount renders the sale proceedings a complete nullity. 5. In Balram vs. Ilam Singh and others 1996 (5) SCC 705, it has been held tha....