#auction notice

The Punjab & Haryana High Court has ruled that banks must precisely disclose all property details in SARFAESI auction notices, including Khasra numbers and the exact scope of mortgaged assets. Misrepresentation or omission - such as including non-mortgaged machinery - renders the auction void and obligates the bank to refund earnest money with 9% interest, reinforcing transparency as a non-negotiable condition of secured creditor action under the Act.

J&K High Court rules that a borrower’s right to redeem secured assets under Section 13(8) of the SARFAESI Act is extinguished once the auction notice is published, even if the sale is yet to be completed. The ruling upholds the finality of the auction process and protects bona fide purchasers who have paid in full and taken possession.

Andhra Pradesh High Court holds that banks must comply with SARFAESI Rules for auction notices and directs DRT to decide pending interlocutory applications within 10 days to prevent irreparable harm.