https://www.taxtmi.com/caselaws?id=312322 A writ petition may be entertained despite an alternative statutory remedy under section 17 of the SARFAESI Act where the secured creditor is alleged to have acted contrary to the Act and Rules. Under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002, the secured creditor must disclose known encumbrances and material facts affecting the asset's title or value, including pending litigation. Suppression of such information in an e-auction notice, even on an "as is where is" basis, is inconsistent with the duty of fairness and transparency. On that reasoning, forfeiture of the purchaser's deposit was unsustainable and refund with interest was warranted. en-us Wed, 21 Sep 2022 00:00:00 +0530 Mon, 12 Feb 2024 05:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312322 A writ petition may be entertained despite an alternative statutory remedy under section 17 of the SARFAESI Act where the secured creditor is alleged to have acted contrary to the Act and Rules. Under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002, the secured creditor must disclose known encumbrances and material facts affecting the asset's title or value, including pending litigation. Suppression of such information in an e-auction notice, even on an "as is where is" basis, is inconsistent with the duty of fairness and transparency. On that reasoning, forfeiture of the purchaser's deposit was unsustainable and refund with interest was warranted. Case-Laws Indian Laws Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312322