The Supreme Court set aside a confirmed SARFAESI auction sale sixteen years on, holding that the balance-deposit timeline in Rule 9 of the Security Interest (Enforcement) Rules, 2002 is mandatory and goes to the root of the sale's validity. A digest of the facts, the holding, and what it means for auction purchasers and the heirs of a deceased guarantor.
A single judge of the Delhi High Court vacated an interim stay and refused to restrain the encashment of a USD 10.53 million unconditional performance bank guarantee, holding that a contractor's dispute over the legality of contract termination is no ground to injunct an autonomous guarantee. A digest of the facts, the Section 9 question, and the narrow fraud and special-equities exceptions restated in a cross-border India–Mozambique setting.
In December 1996 a two-judge Bench of the Supreme Court set aside a High Court injunction and upheld a public corporation's right to invoke its bank guarantees. A digest of the facts, the autonomy of the unconditional guarantee, the two narrow exceptions of fraud and irretrievable injustice, and the doctrine's later trajectory.