SARFAESI – Borrower cannot claim Discharge merely by Paying Highest Bid Amount If Bank Dues are more

Bank of Baroda Vs Karwa Trading Company (Supreme Court of India) SC held that Section 17 of the SARFAESI Act was not justified in directing to release the mortgaged property and handover the possession along with the original title deeds to the borrower on payment of Rs.48.65 lakhs only which was the base price/ reserve price, which the Division Bench of the High Court has increased to Rs.65.65 lakhs on the ground that the highest bid received was Rs.71 lakhs (which was not materialized as the highest bidder did not come forward). Unless and until the borrower was ready to deposit/pay the enti...