M/S. Shilpa Shares And Securities And ... vs The National Co-Operative Bank Ltd. And ...

The Supreme Court held that under Rule 107(11)(g) of the Maharashtra Co-operative Societies Rules, 1961, the failure to pay 85% of the purchase money within 15 days renders the auction sale a nullity, as established in Manilal Mohanlal Shah v. Sardar Sayed Ahmed Sayed Mahmad and Balram v. Ilam Singh. The Court found that the auction sale of the appellant's property was invalid due to non-compliance with mandatory requirements, thus allowing the appeals and setting aside the Bombay High Court's judgment.