Court Grants First Charge to Respondent u/s 26E SARFAESI Act, Auction Purchasers Recognized as Lawful Owners.

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....Recovery of VAT from the purchaser of property in Auction - Attachment of mortgaged properties - It is hereby declared that the respondent No.2 had the first charge over the property mortgaged by M/s. Krisha Industries by virtue of Section 26E of the SARFAESI Act, and in such circumstances, they were entitled in law to put the property to auction. The writ applicants, being the auction purchasers, have a right to get their names mutated in the record of rights as the true and lawful owners of the property. - HC....