The period here is reckoned not with reference to when cheque is realised but the date when is is issued either by hand or by courier. 

the cheque for balance amount was given immediately to the bank

the bank accepted the cheque without any demur or objection

the cheque was also encashed and thus honored [had the cheque been dishonored then different considerations would arise]

the rule is thus satisfied

Hi 

If the cheque is dated on the date wherein the bidder was declared successful that itself is a sufficient proof that the bidder has complied with the terms of auction.

 Under the Negotiable Instruments Act, 1881 a cheque is an instrument which is negotiated by delivery.

The drawer is discharged when payment is made in due course. In simple terms, this means that when cheque is tendered there is a presumption that payment would be realised in due course, and hence the date of payment is considered to be the date on which the cheque is delivered, regardless of when the cheque is actually presented for payment.

Supreme court in  the case of Commissioner of Income-Tax, Bombay South, Bombay v/s Ogale Glass Works held that payment by cheque realised subsequently on the cheque being honoured and encashed, relates back to the date of the receipt of the cheque, and in law the date of payment is the date of delivery of the cheque.

Hope this information is useful. 

Cheque is valid . 

realisation of cheque is beyond control of bidder 

Yes it satisfies the condition of 9(3) of 2002 rules of the said Act. 

DEAR SIR,

The said instrument (cheque) is fully valid and your are the successful bidder. The term immediately means as soon as possible in this case and you may justify by the reason that the amount was available in your account and you were to pay on the day of presentation of the cheque.  

Yes the payment is valid as the cheque was handed over to bank immediately at time of successful bidding. 

As per your query  the instrument of cheque is valid from the date when it is written on the instrument of cheque  but as per the rule 9 (3) of Sarfaesi  act 2002 which says that the participant shall deposit the amount on the same day and shall deposit 25% of the amount of the sale price

There is no mention whether payment on same day will be by cash only. So payment through cheque, DD also valid. If delay in encasing cheque was due to purchaser than only violation of rule. 

If bank deposited cheque late or process took to enchash cheque than no violation.

As per Rule 9(3) of Security Interest (Enforcement) Rules, 2002, successful bidder is required to deposit 25% of the sale price immediately. If it is paid through a Cheque is also valid unless it is dishonored. However, the petitioner has failed to pay the balance sale consideration. The Bank forfeited the earnest money deposit and cancelled the auction.

1. IF the Cheque was duly accepted by the Authority, in lieu of the auction price, THEN it is final for all legal purposes, more so specifically since the authority consented to accept the payment by cheque, which now has become irrefutable, as far as law is concerned.

Yes the cheque is valid

You presented the cheque the same, so did your part.

But it must be registered somewhere in the records of the auction holder authority 

It is the duty of the highest bidder to pay the 25%  bid  amount immediately after the bid is confirmed.

So the bidder has deposited the cheque for the same on the same day, his duty is completed.

If the banker has not deposited the same immediately for collection then the bidder cannot be held responsible for the delay or lapse on the part of the banker who failed to realise the same immediately.

1. Payment is considered to be made when the amount is credited to the account.

2. In the given circumstances, the payment has not been made immediately as stipulated by the Act.

3. You can file the S.A. before the DRT u/s 17 of SARFAESI Act, challenging the said sale. 

On every sale of immovable property, the purchaser shall immediately pay a deposit of twenty-five per cent.

cheque is valid. 

- As per Rule 9(3) , the purchaser shall mandatory pay a deposit of 25% of the amount of the sale price on the sale of immovable property.

- Since , the e-auction held on 22.3.2013 , and the bidder pay the 25% amounts cheque on the same day, hence the bidders payment is valid for the said purposes .

- There is no provision in the Act, that the payment of 25% amount should be paid in advance for the reason of realization of the amount , hence here realization of cheque on fifth day will not considered as the date of payment. 

Yes it does satisfy the rule.

Under provisions of Negotiable Instruments Act, if the cheque is issued and the same is realized when presented for collection, as such, it is valid (presentation is beneficiary's lookout).

Realization of the amount is not your concern, as you had handed over the cheque on the same day.

You have complied your part of obligation and handed over the cheque on same day, as such, the Rule 9(3) is complied.

You need not worry.