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2007 (5) TMI 562 - SC - Indian LawsValidity of auction sale - Auction sale took place due to default in payment of loan taken from Respondent - Held that:- Under Rule 107(11)(g) of the Rules, 15% of the price of the immovable property has to be deposited by the auction purchaser at the time of the purchase, and the remaining 85% of the purchase money has to be paid within 15 days from the date of such sale. Admittedly, in the present case, the aforesaid 85% of the purchase money was not paid within 15 days from the date of the sale nor even thereafter - Following decision of Manilal Mohanlal Shah and others vs. Sardar Sayed Ahmed Sayed Mahmad and another [1954 (4) TMI 46 - SUPREME COURT] and Balram vs. Ilam Singh and others [1996 (8) TMI 473 - SUPREME COURT] - Auction sale of the appellants’ property was a nullity, and there was no valid auction sale - said property be again auction sold after advertising it in at least two well-known newspapers having wide circulation, mentioning therein the date, time and place of the auction sale and after complying with the procedure under Rule 107 of the Rules - Decided partly in favour of Appellant.
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