https://www.taxtmi.com/caselaws?id=756684 A later leave and licence arrangement could not displace a prior mortgagee's security interest or elevate an unsecured licensee into a secured creditor; any claim arising from the licence remained against the licensors, and lis pendens protected the pending enforcement proceedings. A secured asset could not be sold below the reserve price by treating the licensee's alleged dues as part of the bid, because the reserve price was a binding auction condition and an unsecured claim could not be converted into secured priority. The auction approval was therefore quashed, the prior sale and consequential steps were annulled, and a fresh auction was directed in accordance with law. en-us Mon, 18 Mar 2024 00:00:00 +0530 Wed, 07 Aug 2024 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756684 A later leave and licence arrangement could not displace a prior mortgagee's security interest or elevate an unsecured licensee into a secured creditor; any claim arising from the licence remained against the licensors, and lis pendens protected the pending enforcement proceedings. A secured asset could not be sold below the reserve price by treating the licensee's alleged dues as part of the bid, because the reserve price was a binding auction condition and an unsecured claim could not be converted into secured priority. The auction approval was therefore quashed, the prior sale and consequential steps were annulled, and a fresh auction was directed in accordance with law. Case-Laws Indian Laws Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756684