2007 (5) TMI 562

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..... the auction purchaser at the time of the purchase, and the remaining 85% of the purchase money has to be paid within 15 days from the date of such sale. Admittedly, in the present case, the aforesaid 85% of the purchase money was not paid within 15 days from the date of the sale nor even thereafter - Following decision of Manilal Mohanlal Shah and others vs. Sardar Sayed Ahmed Sayed Mahmad and ano .....

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..... ned 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, recovery proceedings were taken under the Maharashtra Co-operative Societies Rules, 1961 (herein .....

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..... en 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 that the obligation of the purchaser to deposit the full purchase money within time is a mandato .....

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