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HC slams PNB for auctioning property without clear title, orders refund to bidder

Dated on: Monday 14th August 2023

The high court has ruled that the inclusion of the 'as is where is' clause in a public auction does not imply any deficiency in the absolute ownership of the property under consideration. As a result, the court has instructed a nationalized bank to reimburse a sum of Rs 30.7 crore to a successful bidder who had acquired a property. In response to a petition submitted by M/s Paramount Constructions, Justice M Nagaprasanna has mandated Punjab National Bank (PNB) to provide a payment of Rs 30,69,08,217 to the petitioner. This amount encompasses the property's purchase cost, coupled with interest calculated at the bank's lending rate, as well as any associated charges.

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