Auction sale Archives

Auction consideration reflects true market value; Bombay High Court quashes Collector’s order demanding duty on independent valuation

“If a property is sold in a Court auction, after following a rigorous process aimed at discovery of the optimum price, such price, in effect, represents the price of the property at which a willing buyer was prepared to purchase the subject property.”

Case Briefs High Courts

Ownership of secured asset in a statutory sale under SARFAESI is transferred upon issuance of sale certificate: Bombay HC

“On losing merely the right of redemption, a borrower does not automatically lose ownership rights over the secured asset and that the ownership right is ultimately lost only upon issuance of sale certificate in accordance with Rule 9(6) of the SARFAESI Rules.”

Case Briefs Supreme Court

Separate Suit challenging auction sale by Transferee Pendente Lite not maintainable: Supreme Court

“A transferee pendente lite takes the property subject to the outcome of the proceedings, irrespective of notice or bona fides.”

Case Briefs Supreme Court

Supreme Court pulls up Ludhiana Improvement Trust for sitting over an acquired land for three decades without paying for it; says ‘citizen’s right cannot be taken for a ride’ like this

“The Improvement Trust behaved as if it had some superior right to appropriate the property of the owners without paying for it contrary to the mandate of the LA Act.”

Case Briefs Supreme Court

Judgment Debtor’s right under Rule 60 of Second Schedule of Income Tax Act a valuable right to save his property; cannot be taken away on technical ground or bona fide mistake for which he is not at fault: SC

Supreme Court: The bench of MR Shah* and BV Nagarathna, JJ has held that the right available to the judgment debtor under