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High Court of Karnataka Allows Appeals in Execution Proceedings — Auction Sale Set Aside for Non-Compliance with Order 21 Rule 95 CPC. Delivery of possession is a mandatory requirement for confirmation of sale under Order 21 Rule 95 of the Code of Civil Procedure, 1908.

The case involves two Regular First Appeals (RFA No. 557/2016 and RFA No. 558/2016) filed under Section 96 read with Order 41 Rules 1 and 2 of the Cod...

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Supreme Court Allows Bank's Appeal in SARFAESI Auction Dispute — Extension of Time Not Binding Without Confirmation Letter. Forfeiture of Earnest Money Upheld Under Rule 9(5) of Security Interest (Enforcement) Rules, 2002.

The Supreme Court allowed the appeal filed by the State Bank of India (the Bank) against the judgment of the Madras High Court. The dispute arose from...

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Supreme Court Quashes Criminal Proceedings Against Bank Officers in SARFAESI Act Loan Recovery Dispute. Civil Nature of Transaction Precludes Criminal Prosecution Under Sections 406, 409, 420 IPC.

The Supreme Court allowed the appeal filed by K. Virupaksha and another, who were Deputy General Managers of Canara Bank, against the order of the Kar...

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Bombay High Court Allows Writ Petition Challenging Auction Sale Confirmation in Cooperative Bank Recovery Proceedings. Vested Right in Auction Purchaser Not Accrued Until Sale Confirmation by Competent Authority Under Maharashtra Cooperative Societies Act, 1960.

The petitioner, Aniruddha Sadashiv Pande, a journalist from Yavatmal, had taken a loan from the Yavatmal Urban Cooperative Bank Ltd. (respondent no.3)...

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Bombay High Court Directs Deposit of Balance Bid Amount in Auction Sale of Company in Liquidation. Official Liquidator's Report for Confirmation of Sale of Properties of M/s. Akola Oil Industries Ltd. - Bidders Required to Deposit Balance Amount Within 15 Days.

The Official Liquidator appointed over M/s. Akola Oil Industries Ltd. (in liquidation) filed reports seeking confirmation of auction sales held on 9-1...

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Bombay High Court Allows Auction Purchaser's Petition Against Octroi Demand on Customs-Auctioned Goods. The court held that octroi liability on goods already stored in a warehouse and auctioned by Customs falls on the municipal corporation, not the purchaser.

The petitioner, M/s. DK Enterprises, was the successful bidder in a public auction conducted by the Commissioner of Customs, Mumbai, on 24 October 200...

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Bombay High Court Quashes Recovery Proceedings Against Timber Purchasers for Fire-Destroyed Goods. Property in Timber Not Passed to Purchasers Under Sale of Goods Act, 1930, Hence No Liability Under Maharashtra Land Revenue Code.

The petitioners, fifteen timber merchants, participated in an auction conducted by the Forest Department on 16.04.2008 and 15.05.2008 for the purchase...