Gm, Sri Siddeshwara Co-Op.Bank Ltd.& ... vs Sri Ikbal & Ors

The Supreme Court addressed the validity of the sale certificate issued under the SARFAESI Act, specifically examining Rule 9 of the Security Interest (Enforcement) Rules, 2002. The Court held that the auction purchaser's failure to pay the remaining sale price within the stipulated time frame invalidated the sale, thus upholding the High Court's decision to quash the sale certificate. The Court emphasized the necessity of adhering to procedural requirements under the SARFAESI Act, ensuring that the rights of the borrower are protected.