Setback to IOB: Madras HC rules Bank cannot file Writ Petition to Protect Interest of Third Party, who Knowingly Purchased Property having Encumbrance [Read Order]

By Kalyani B. Nair - On September 18, 2023 5:00 pm - 2 mins read
Setback - IOB-Madras- HC - Bank - Writ -Petition - Protect- Interest - Third- Party- Property - Encumbrance-TAXSCAN

In a major set back to the Indian Overseas Bank (IOB), the Madras High Court ruled that the Bank cannot file writ petition to protect interest of third party, who knowingly purchased property having encumbrance. The petitioner-Bank, Indian Overseas Bank, had invoked Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) actions…

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