- (1.) The writ petitioner purchased the land, factory and building relating to one M/s. Capricorn Ispat Udyog Pvt. Ltd. in an auction sale conducted by the State Bank of India under the provisions of SARFAESI Act, 2002. The sale was conducted on an "as is where is basis".
(2.) It was stipulated in the terms and conditions of the auction sale that the intending purchaser is required to make himself aware of any other encumbrances relating to the property, since the Bank had disclosed all known encumbrances thereat.
(3.) Since after purchase of the plant and machinery alongwith building and land, for a sum of about Rs. 10 crores, the writ petitioner applied for a fresh electricity connection from the respondent Damodar Valley Corporation (D.V.C.), a deemed licensee, under the Electricity Act 2003.;