https://www.taxtmi.com/caselaws?id=257259 A purchaser of auctioned movable assets was entitled to refund and cancellation of the sale certificate where the secured creditor failed to deliver possession and the assets had suffered theft and diminution before handover. The court noted that under the Security Interest (Enforcement) Rules, 2002, possession and sale certificate operate together, and the seller must convey the goods in the condition agreed. An "as is where is" clause protected only against discrepancies visible on inspection; it did not justify delivery of materially altered assets. Because the secured creditor retained control and could not deliver the specific goods sold, the purchaser was entitled to restitution. en-us Wed, 10 Sep 2014 00:00:00 +0530 Sat, 07 Mar 2015 05:44:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257259 A purchaser of auctioned movable assets was entitled to refund and cancellation of the sale certificate where the secured creditor failed to deliver possession and the assets had suffered theft and diminution before handover. The court noted that under the Security Interest (Enforcement) Rules, 2002, possession and sale certificate operate together, and the seller must convey the goods in the condition agreed. An "as is where is" clause protected only against discrepancies visible on inspection; it did not justify delivery of materially altered assets. Because the secured creditor retained control and could not deliver the specific goods sold, the purchaser was entitled to restitution. Case-Laws Indian Laws Wed, 10 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257259