https://www.taxtmi.com/caselaws?id=312242 A secured creditor selling property under the SARFAESI Act on an "as is where is basis" must still ensure that the asset is identifiable and capable of conveyance. The expression does not excuse the creditor from obtaining demarcation where the property cannot be located on the ground. If the bank has itself sought demarcation from the Revenue Authorities, it should pursue that process before executing the sale deed and delivering possession. The bidder should not suffer for lapses by the bank or the authorities, although the creditor remains entitled to interest on any unpaid balance. Equitable relief may therefore be made conditional on timely payment, demarcation, conveyance, and possession. en-us Tue, 13 Jan 2015 00:00:00 +0530 Wed, 07 Feb 2024 20:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312242 A secured creditor selling property under the SARFAESI Act on an "as is where is basis" must still ensure that the asset is identifiable and capable of conveyance. The expression does not excuse the creditor from obtaining demarcation where the property cannot be located on the ground. If the bank has itself sought demarcation from the Revenue Authorities, it should pursue that process before executing the sale deed and delivering possession. The bidder should not suffer for lapses by the bank or the authorities, although the creditor remains entitled to interest on any unpaid balance. Equitable relief may therefore be made conditional on timely payment, demarcation, conveyance, and possession. Case-Laws Indian Laws Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312242