First right on imported machinery

Nitin Panchal (Querist) 27 February 2013 This query is : Resolved
Sir,

If company has imported machinery under ECGC scheme and thereafter defaulted in bank's payment and I will purchase property from bank under SARFAESI on as is where is basis, whether I have to clear customs duty ?

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Guest (Expert) 27 February 2013
As is where is denotes that you will have to complete all the due formalities of release, clearance of payments to whomsoever due, whether the bank or the customs authorities, etc. So, better check all the encumbrances first and only then participate in auction/ purchase.