In Brief
A cooperative bank auctioned land to recover dues from a defaulting partnership firm. The highest bidder deposited only 35% on auction day (29 January 2005) and paid the remaining balance on 17 March 2005—well beyond the 15-day statutory deadline under Rule 107(11)(h) of the Maharashtra Co-operative Societies Rules, 1961. Years later, the judgment-debtor's legal heirs challenged the sale. The High Court cancelled it as void. The Supreme Court upheld this, holding that the 15-day payment deadline is mandatory and non-waivable. Late payment cannot validate a void sale. The Court ordered the property be re-auctioned with the bidder refunded their deposit plus 6% annual interest, balancing statutory compliance with equitable fairness.
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