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SARFAESI Auction Cannot Be Set Aside Merely for EMD Shortfall If 25% Sale Price Deposited on Time: Supreme Court
The Supreme Court has held that a shortfall in the earnest money deposit does not by itself invalidate a SARFAESI auction where the successful auction purchaser subsequently complies with the statutory requirement of depositing 25% of the sale price on the day of the auction. The Supreme Court has ruled that a SARFAESI auction sale cannot be set aside merely because there was a shortfall in the Earnest Money Deposit (EMD) when the successful bidder subsequently deposited the
11 hours ago8 min read
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