Security Interest (Enforcement) Rules 2002

Sanctity Is the Reward of Legality: Supreme Court Quashes a SARFAESI Auction Sale of a Hill Resort Over Restraint-Order Bids, a Truncated Notice Period and a Nominee Purchaser

A mortgaged hill resort, a sale certificate issued to a firm that did not bid, and a bid received while a tribunal's restraint was in force: the Supreme Court held that the auction was illegal in its entirety, and that the finality attaching to auction sales is earned only by compliance with the statutory procedure.