2017 (5) TMI 1701

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....ocates, present for the petitioners. Ms. Seema Sah, Brief Holder, present for the State of Uttarakhand. Mr. D.S. Patni, Advocate, present for respondent No. 2. ORDER 1. The petitioner before this Court is a company registered under the Companies Act, 1956. It had admittedly taken loan from the State Bank of India, SME Branch, Ranipur, Haridwar in the year 2010-11, for setting up a text....

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....d. Ultimately, on 10.10.2016 the District Magistrate, Haridwar passed an order directing the respondent Bank to take the possession of the secured assets of the petitioners. The Bank has by now taken the possession of the secured assets of the petitioner and as per the counsel for the Bank, the property is to be auctioned on 08.05.2017 by way of e-auction. The total liability against the petitione....

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....nd can be proved from records. The contention of the petitioner would be that it is an order in which the District Magistrate has not applied its mind, as provided under the proviso of Section 14(1) of the SARFAESI Act, though the proviso says that the District Magistrate "shall after satisfying the contents of the affidavit pass suitable orders." 5. Order of the District Magistrate, Haridwar d....

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.... so that the petitioner may avail his remedy, provided the petitioner deposits the amount with the Bank towards advertisement cost/charges, already undergone for this auction on May 8, 2017, within seven days from today. It is further made clear that the petitioner shall approach the Manager of the concerned Bank/Branch within a period of three days from today, who shall provide the details as to ....