In Brief
The Supreme Court set aside an auction sale of agricultural land conducted under execution proceedings, holding it null and void for breach of the SARFAESI Act, 2002. The property worth over Rs. 1 crore had been sold for Rs. 5,50,000 when the actual debt was less than Rs. 4 lakhs. The sale violated procedural requirements: no public notice was issued, no proper valuation was done, and the sale certificate was issued to a non-bidder. The Court conditioned relief on the appellant refunding the sale amount with 12% interest and Rs. 1 lakh litigation costs within three months.
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