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The HC granted the Applicant/Appellant, a non-banking finance company, permission to withdraw the sale proceeds of Rs. 52,01,42,105/- (with accrued interest) arising from the sale of the mortgaged property under the SARFAESI Act, subject to strict conditions. Withdrawal is conditional upon the Applicant/Appellant furnishing a bank guarantee from a nationalized bank to the Registrar, Appellate Side, HC, to be maintained until disposal of the pending first appeal. Should the bank guarantee lapse or not be renewed, the Registrar is authorised to invoke it and remand the sale proceeds back into court. The interim application is disposed of.
The HC granted the Applicant/Appellant, a non-banking finance company, permission to withdraw the sale proceeds of Rs. 52,01,42,105/- (with accrued interest) arising from the sale of the mortgaged property under the SARFAESI Act, subject to strict conditions. Withdrawal is conditional upon the Applicant/Appellant furnishing a bank guarantee from a nationalized bank to the Registrar, Appellate Side, HC, to be maintained until disposal of the pending first appeal. Should the bank guarantee lapse or not be renewed, the Registrar is authorised to invoke it and remand the sale proceeds back into court. The interim application is disposed of.
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