Allahabad High Court Upholds Bank’s Right to Forfeit Auction Deposit: Reaffirms Strict Three-Month Payment Deadline Under SARFAESI Act, Rejects Bidder’s Plea for Further Extension, and Strengthens Legal Certainty in Time-Bound Asset Recovery Processes

Allahabad High Court Upholds Bank’s Right to Forfeit Auction Deposit: Reaffirms Strict Three-Month Payment Deadline Under SARFAESI Act, Rejects Bidder’s Plea for Further Extension, and Strengthens Legal Certainty in Time-Bound Asset Recovery Processes

1. Court’s Decision The writ petition was dismissed because the petitioners had already been given the maximum three-month extension to pay the balance of the auction price. The court upheld…