2013 (5) TMI 325

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....ony For the Respondent : Sri Thomas Mathew Nellimoottil, SC CB EX, Sri John Varghese, SC, Sri T K Vipindas, Smt P K Priya, Sri K V Sree Vinayakan And Sri K M Muhammed Husain, Adv JUDGEMENT Heard the learned senior counsel for the petitioner, learned Standing Counsel appearing for respondents 1, 2 and 4 and the learned counsel appearing for the 3rd respondent. 2. 3rd respondent had avai....

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.... be in a position to hand over possession of the property to the successful bidder. Yet another contention that the Bank raises is that in view of the subsisting mortgage, it has first charge over the secured assets. 4. However, the stand taken by respondents 1, 2 and 4 is that in view of the statutory provisions contained under the Customs Act, they are entitled to first charge the property in....

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....Having heard the submissions made by both sides, I am inclined to think that if the Bank is permitted to proceed with the sale with a direction to keep the required amount out of the sale proceeds, in an interest bearing account, pending adjudication in S.A.124/12, that will not prejudice the interest of respondents 1 and 2. 7. Therefore, I dispose of this writ petition with the following direc....