(1.) The petitioner, Rangiah Chettiar and Kempammal Trust, auction purchaser from the respondent Punjab National Bank under the provisions of the Securitisation and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002 (in short "SARFAESI Act"?), has filed the present writ petition in this Court with the following prayer:
(2.) The learned counsel for the petitioner, Mr.S.Mukunth, urged before us that the respondent Punjab National Bank has failed to disclose the encumbrance on the property in question by way of attachment order issued by the Debts Recovery Tribunal, Coimbatore in O.A.No.607 of 2017 (IDBI Bank Limited, Raja Street, Coimbatore v. Shyamala Prabhu and 1 other) and secondly, there was a difference in the measurement of the property in question put to auction and sold to the petitioner Trust at the highest bid of Rs.1,41,00,000/-. According to the learned counsel, the said amount has been paid by the petitioner.
(3.) The learned counsel for the petitioner also brought to the notice of this Court the sale certificate executed by the respondent Bank under Rule 9(6) of the Security Interest (Enforcement) Rules, 2002, which, inter alia, also contains a Clause that the sale of the property was made on 'as is where is' and 'as is what is' basis, on the acceptance of the successful bidder that they will satisfy encumbrances, if any, on the said property, without recourse to the Bank. The said sale was duly confirmed by both parties by execution of the sale certificate and also counter-signed by the petitioner Trust.