CentralSecured lending
Supreme Court affirms setting aside of SARFAESI auction for lack of mandatory 30-day notice
· Reported by Lawtext
The Supreme Court affirmed concurrent orders setting aside an auction sale because the secured creditor did not comply with the 30-day notice requirement under Rules 8(6) and 8(7) of the Security Interest (Enforcement) Rules. Lenders and auction purchasers should verify the service and timing of sale notices before relying on a SARFAESI sale certificate.
We have not written our own note on this one yet. The source report and, where we found it, the primary document are linked below.
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