The Supreme Court of India has held that the requirement to deposit the balance purchase money within the stipulated 15-day period under the Maharashtra Co-operative Societies (MCS) Rules, 1961, is mandatory. A bench comprising Justice Pamidighantam Sri Narasimha and Justice Manoj Misra ruled that any infraction of these rules renders an auction sale a nullity
Non-Deposit of Balance Auction Money Within 15 Days Under Rule 107 of MCS Rules is a Fatal Violation; Sale is a Nullity, Not a Mere Irregularity: Supreme Court
