If done after banking hrs, bid amount can be deposited on next day of auction.
Nov. 05, 2015
On non payment of Loan amount. Bank auctioned mortgaged property of company. Petition was filed for setting aside sale. HC held, officer authorized by bank, which was conducting auction proceedings, had no option but to call upon second respondent to deposit 25 per cent of bid amount by next day. Such deposit has to be treated as deposit made immediately after bid of second respondent had been declared successful. Hence, petition was dismis...