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PNB to refund deposit of purchaser when it didn't mention all encumbrances on auctioned property: HC

February 7, 2017[2017] 78 taxmann.com 234 (Madras)/[2017] 140 SCL 407 (Madras)
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SARFAESI : Condition, 'as is where is' or 'as is what is' may indicate that when property is sold, everything is not clear, but at same time, purchaser cannot be expected to know that property sold was already mortgaged to another bank and there was decree in suit and, therefore, bank would be liable to refund amount deposited by purchaser

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