Rakesh Birani (D) Thru Lrs. vs Prem Narain Sehgal

The Supreme Court addressed the interpretation of Rule 9 of the Security Interest (Enforcement) Rules, 2002, determining that the period for depositing the remaining 75% of the auction amount begins from the date of communication of confirmation of sale, not from the auction date. The Court upheld the decisions of the lower courts which set aside the auction sale, emphasizing the necessity of adhering to procedural requirements under the Act of 2002. Consequently, the appeal by the auction purchaser was dismissed.