abhijit (legal ) 31 October 2009
Sec 9 sub section 4 of Security Interest (Enforcement) Rules, 2002 provides for time limit of 15 days or extended time as mutually agreed by authorized officer and highest bidder for payment of balace 75% of final purchase price.
How many days in addition to 15 days, an authorized officer can grant to highest bidder for payment of 75 % amount?
Whar are extents of discretionary powers of authorized officer to grant extention of time?
Thanks
Nataraj (Service) 04 November 2009
Dear Mr.Abhijit
There is no prescribed time limit for further extension of time in the Act. It is upto the secured creditor and the auction purchaser to decide the time limit between them which should be reasonable. This extension of time cannot be questioned by a third party including the borrower.
Regards
Nataraj
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