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HC sets aside sale of mortgaged asset as bank didn't keep 30 days gap amid issue of possession notice and sale notice

May 18, 2018[2018] 93 110 (Andhra Pradesh)

SARFAESI : Where bank pursuant to notice under rule 8(6) followed by sale notice published under rule 9(1) executed a sale of mortgaged asset of borrower, since statutory mandate of requisite gap of 30 days was not maintained between date of issue of notice under rule 8(6) and publication of sale notice under rule 9(1) and further bank permitted extension of time to auction purchaser to pay balance sale consideration without taking borrower's written consent, sale held by bank and consequential sale certificate to purchaser were to be set aside

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