https://www.taxtmi.com/caselaws?id=343537 In a SARFAESI sale of secured assets, the secured creditor must disclose known encumbrances, pending litigations and other material facts in the auction notice, and must deliver the asset free from known encumbrances. Where the bank knew of pending civil proceedings and a cloud on title but did not disclose them, the auction purchaser was not bound to complete a transaction materially different from what was represented. The purchaser was therefore entitled to refund of the sale consideration, and because the bank retained the money for years without completing delivery, interest on the refunded amount was also payable. en-us Fri, 28 Apr 2017 00:00:00 +0530 Sat, 27 May 2017 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343537 In a SARFAESI sale of secured assets, the secured creditor must disclose known encumbrances, pending litigations and other material facts in the auction notice, and must deliver the asset free from known encumbrances. Where the bank knew of pending civil proceedings and a cloud on title but did not disclose them, the auction purchaser was not bound to complete a transaction materially different from what was represented. The purchaser was therefore entitled to refund of the sale consideration, and because the bank retained the money for years without completing delivery, interest on the refunded amount was also payable. Case-Laws Companies Law Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343537