2017 (3) TMI 1008

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Chokkasandra, Yeshwanthpur Hobli, Bangalore North Taluk in favour of the applicant Company. 2. The facts of the case are that M/s. Shakambari Fashions Private Limited, had taken, a loan amounting to Rs. 52 Crores, from the State Bank of India. As part of the mortgage for the said loan, Mr. Rajendra Goenka and others had mortgaged the property in question with the bank. Subsequently, the Company defaulted in repayment of the loan amount. Therefore, the bank filed an Original Application, namely O.A. No. 1019/2012, before the Debts Recovery Tribunal, Bangalore. The said proceedings are still pending before the Debts Recovery Tribunal. 3. By Assignment agreement dated 26.03.2014, the Bank had assigned the financial assets of the Company to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....le to realize the money due specifically to them. 7. To the proposal made by Mr. K.S. Mahadevan, the learned counsel for the applicant has no objection. The learned counsel for the applicant submits that it is willing to co-operate with the Official Liquidator in auctioning of the property. 8. The learned counsel for the applicant submits that under Rule 8 of the SARFAESI Act 2002, it is yet to appoint a Valuer for valuing the assets. However, as the possession of the land and building is with the Official Liquidator, the Valuer cannot have any access to the land. Therefore, the learned counsel for the applicant also seeks directions from this court to direct the Official Liquidator to give access to the Valuer appointed by the applicant ....