Shortfall In EMD Does Not Vitiate Auction Sale If 25% Deposit Rule Is Complied With: Supreme Court

The Supreme Court of India, in a bench comprising Justice P. S. Narasimha and Justice Alok Aradhe, has held that a minor anterior shortfall in the deposit of Earnest Money Deposit (EMD) specified in an auction notice does not invalidate a auction sale under the SARFAESI Act, provided the successful bidder complies with the statutory [...]