Orissa high court quashes gold auction by bank for violating loan terms
The Orissa High Court quashed a bank's gold auction, ruling it violated contractual redemption periods and Section 176 of the Indian Contract Act. The bank hastily auctioned pledged gold jewelry just five days after loan maturity, despite the borrower seeking time to repay. The court found the auction lacked fairness and transparency.
The Orissa High Court quashed a bank's gold auction, ruling it violated contractual redemption periods and Section 176 of the Indian Contract Act. The bank hastily auctioned pledged gold jewelry just five days after loan maturity, despite the borrower seeking time to repay. The court found the auction lacked fairness and transparency.
