LAW FOR ALL

Sec.13 SARFAESI Act,Rules 8 and 9 of the Rules, 2002 - Sale against the rules are null and void - agreed to sale property under private treaty - Bank sold the property with it's agent with out the knowledge of debtor to the third party Appellant for lower price - just more than Rs.10,000/- on the reserve price - High court and D.B. rightly held that is void as it was done against rule 8 and 9 of Rules 2002 - Since the third party appellant is a bonafide purchaser who paid entire amount and took delivery of possession - Apex court modified the judgement and directed (i) The State Bank of India – Respondent No.3 directed to refund the entire proceeds of the FDR in which the sale consideration was deposited together with accrued interest forthwith.(ii) The Respondent Nos. 1 and 2 will ensure that the entire amount due to the appellants is paid on or before 15th June, 2014.(iii) Upon receipt of the entire amount, the possession shall be delivered to Respondent Nos. 1 and 2.= J.Rajiv Subramaniyan & Anr. …Appellants VERSUS M/s. Pandiyas & Ors. ...Respondents= 2014 (March. Part ) judis.nic.in/supremecourt/filename=41326