Bonafide purchasers - Auction sale held in favour of appellant - ...

Case Laws Indian Laws

May 8, 2024

Bonafide purchasers - Auction sale held in favour of appellant - sale challenged on the ground that the Bank had not followed the statutory procedure prescribed under the Security Interest (Enforcement) Rules, 2002 - Issuance and service of mandatory notices to the borrower as required under Rules 8(6) and 8(7). - Despite being bonafide purchasers for value, the court upholds the decision to set aside the sale due to the bank's non-compliance with statutory provisions. The status of the appellants as tenants is restored, allowing the borrower to evict them in accordance with the law.

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Bonafide purchasers - Auction sale held in favour of appellant - ...

Case Laws Indian Laws

May 8, 2024

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