Alerts & Updates 28th Oct 2024

Bank Auction Woes: Supreme Court Upholds Rights of Auction Purchasers in the Face of Unilateral Cancellations

Authors

Mukesh ChandSenior Counsel | Mumbai

Latest Thought Leadership

Alerts & Updates 25th Sep 2026

Key decisions taken in the SEBI Board Meeting dated 24th September 2026

Read More
international trades
Alerts & Updates 24th Sep 2026

ELP Sanctions Update – Foreign Sanctions and Contractual Obligations: Delhi High Court Directs Resumption of SAP Support Services to Nayara Energy

Read More
Alerts & Updates 22nd Sep 2026

Sanctions Update – Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 and Implications for India

Read More
international trades
Newsletter/Booklets 22nd Sep 2026

Trade Newsletter: August 2026

Read More

The Supreme Court’s decision in IDBI Bank Ltd. v. Ramswaroop Daliya and Ors. addresses key issues regarding auction sales under the SARFAESI Act, 2002. The case focused on an auction purchaser’s failure to pay the balance sale consideration and the Bank’s cancellation of the sale. The Court interpreted Rule 9(4) of the Security Interest (Enforcement) Rules, 2002, highlighting that the 15-day deadline for payment is flexible and can be extended if both parties agree in writing. Importantly, the Court ruled that only a default in payment justifies the Bank’s cancellation of the auction sale.

Read the detailed update here 

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.