Forfeiture of earnest money by a bank on account of delay due to Covid-19 outbreak was to be quashed: HC

FEMA amp; BANKING : Where delay of one day by petitioner in depositing 15 per cent of bid amount in auction sale of mortgaged property of respondent-financial institution as mandated by rule 9(3) of Security Interest (Enforcement) Rules, 2002, was on account of outbreak of Covid-19 pandemic, forfeiture of earnest money deposited by petitioner was to be quashedFEMA amp; BANKING : Where delay of one day by petitioner in depositing 15 per cent of bid amount in auction sale of mortgaged property of respondent-financial institution as mandated by rule 9(3) of Security Interest (Enforcement) Rules, 2002, was on account of outbreak of Covid-19 pandemic, forfeiture of earnest money deposited by petitioner was to be quashedwww.taxmann.com Latest Case LawsRead More

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