https://www.taxtmi.com/caselaws?id=312275 Alternative remedy under SARFAESI does not bar a writ petition where the secured creditor has not acted in accordance with the statutory scheme, so the objection to maintainability was rejected. In the sale of secured assets under SARFAESI, read with the Security Interest (Enforcement) Rules, the secured creditor must disclose known encumbrances and other material facts relevant to the purchaser; an "as is where is" clause does not remove that duty. Because undisclosed litigation and related orders affected the properties, the auction process was held vitiated, and forfeiture of the bidder's deposit was unjustified. The deposited amount was ordered to be refunded with interest and costs. en-us Tue, 19 Jul 2022 00:00:00 +0530 Fri, 09 Feb 2024 18:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312275 Alternative remedy under SARFAESI does not bar a writ petition where the secured creditor has not acted in accordance with the statutory scheme, so the objection to maintainability was rejected. In the sale of secured assets under SARFAESI, read with the Security Interest (Enforcement) Rules, the secured creditor must disclose known encumbrances and other material facts relevant to the purchaser; an "as is where is" clause does not remove that duty. Because undisclosed litigation and related orders affected the properties, the auction process was held vitiated, and forfeiture of the bidder's deposit was unjustified. The deposited amount was ordered to be refunded with interest and costs. Case-Laws Indian Laws Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312275