Security Interest (Enforcement) Rules, 2002–Rule 9(4) & (5)–Cancellation of auction and refund of the amount deposited by the respondents–Direction by the High Court to issue the sale certificate after receiving the balance consideration–Under challenge–As per provisions of Rule 9(4) & (5), there has to be a default on the part of the auction purchaser to invite the cancellation of the auction and second, that the period of deposit stipulated therein is not absolute, rather extendable with the agreement of the parties–Respondent only sought extension of time for the reason that the appellant-Bank itself was not in a position to accept the amount as there was a complaint to CBI, an advisory of the ED, and a stay from the High Court–Respondents submitted the bank draft and requested for issuance of sale certificate–There was no latches, negligence or default on their part–Held, High Court rightly issued the direction.
