https://www.taxtmi.com/caselaws?id=257302 A purchaser of immovable property sold under the SARFAESI framework had paid the full sale consideration and received the sale certificate, but physical possession was not delivered. Where the record showed no subsisting order preventing refund, indefinite deferment of possession was treated as unsustainable. The transaction was regarded as commercial because the bank sold the property in the ordinary course of business, supporting interest on the refunded amount. The purchaser was entitled to refund of the full purchase price with interest at 12% per annum from the date of payment until realisation, together with costs. en-us Thu, 04 Dec 2014 00:00:00 +0530 Mon, 09 Mar 2015 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257302 A purchaser of immovable property sold under the SARFAESI framework had paid the full sale consideration and received the sale certificate, but physical possession was not delivered. Where the record showed no subsisting order preventing refund, indefinite deferment of possession was treated as unsustainable. The transaction was regarded as commercial because the bank sold the property in the ordinary course of business, supporting interest on the refunded amount. The purchaser was entitled to refund of the full purchase price with interest at 12% per annum from the date of payment until realisation, together with costs. Case-Laws Indian Laws Thu, 04 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257302