Idbi Bank Ltd vs Ramswaroop Daliya

The Supreme Court upheld the High Court's decision that the IDBI Bank was unjustified in cancelling the auction of property under Rule 9(4) of the Security Interest (Enforcement) Rules, 2002, as the respondents had shown readiness to pay the balance sale consideration. The Court clarified that the Bank's refusal to issue the sale certificate was not valid since the respondents had not defaulted in payment within the stipulated time. Consequently, the Court directed the Bank to issue the sale certificate and execute the sale deed in favor of the respondents.