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Kar HC: Rule 9(5) Has Mandatory Application if Auction Purchaser is Unable to Pay Sale Consideration - (18 Oct 2024)

BANKING

Kar. HC has held that Rule 9(5) of the Security Interest (Enforcement) Rules, 2002 providing for forfeiture of the earnest money has mandatory application once the auction purchaser is unable to pay the balance amount of sale consideration within statutory time limit contemplated for the purpose.

Tags : KARNATAKA HIGH COURT   EARNEST MONEY   SALE CONSIDERATION  

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