GM, SRI SIDDESHWARA CO-OP.BANK LTD. vs SRI IKBAL .

The Supreme Court addressed the validity of the sale certificate issued under the SARFAESI Act, specifically interpreting Rule 9 of the Security Interest (Enforcement) Rules, 2002. The Court held that the auction purchaser's failure to pay the remaining 75% of the sale price within the stipulated time rendered the sale invalid, thereby quashing the sale certificate issued by the Bank. The judgment emphasized the necessity of adhering to procedural requirements under the SARFAESI Act to ensure the legality of the auction process.