TMI Blog2020 (1) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... ecovery of tax (which has been made available for recovery under SARFAESI Act) as well as Rule 9(5) of the Security Interest (Enforcement) Rules, 2002 framed under the enabling provisions contained in SARFAESI Act would clearly mandate that in default of payment by the purchaser within the period mentioned in the Rule, the deposit may, if the Tax Recovery Officer thinks fit, after defraying the expenses of the sale, be forfeited to the Government and the property shall be resold and the defaulting purchaser shall forfeit all claims to the property or to any part of the sum for which it may subsequently be sold. Similar provisions are also made out in Rule 9(6) of the Security Interest (Enforcement)Rules, 2002. In the light of the above s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt paid by him as 25% of the bid amount has also been rejected by respondent No.1. Now Ext.P3 notice has been published by respondent No.1 for conducting a fresh auction on 15-12-2015. It is humbly submitted that Ext.P3 notice is illegal and arbitrary. As per the provisions of the Second Schedule to the Income Tax Act, procedure for recovery of tax, (the Rules applicable for recovery under the SARFAESI Act), respondent No.1 cannot conduct a resale without repaying the amount remitted by the petitioner. It is in the light of these averments and contentions that the petitioner has filed the instant Writ Petition (Civil) with the following prayers:- A. Issue a writ of Certiorari calling fro the records relating to Ext- P3 from res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he SARFAESI Act), provide as follows:- 57. Deposit by purchaser and resale in default.- (1) on every sale of immovable property, the person declared to be the purchaser shall pay, immediately after such declaration, a deposit of twenty-five per cent on the amount of his purchase money, to the officer conducting the sale; and, in default of such deposit, the property shall forthwith be resold. (2) The full amount of purchase money payable shall be paid by the purchaser to the Tax Recovery Officer o or before the fifteenth day from the date of the sale of the property. 58. Procedure in default of payment.- In default of payment within the period mentioned in the preceding rule, the deposit may, if the Tax R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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