2020 (12) TMI 644

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....dents : Satyanarayana Murthy, Advocate ORDER Akula Venkata Sesha Sai, J. 1. This Writ Petition is filed, under Article 226 of the Constitution of India, for a Writ of Mandamus, challenging the proceedings of the 2nd respondent, vide letter SAMB-II/HYD/JMK/823, dated 2.10.2020. 2. Heard Sri G. Kalyan Chakravarthy, learned counsel for the petitioners and Sri Satyanarayana Murthy, learned counsel....

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....ny Law Tribunal, Amaravati Bench and the orders passed by the Tribunal in CP (IB) No. 187/7/AMR/2019, dated 14.5.2020 and in view of Section 14 of the said IBC, the 1st respondent herein cannot proceed with the sale of the properties offered by the petitioners towards guarantee. 5. On the contrary, Sri Satyanarayana Murthy, learned counsel for the respondents 1 & 2/bank contends that the safeguar....

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....rned counsel for the respondents-bank is that even as per the affidavit filed in support of the Writ Petition, the 2nd respondent, vide letter dated 2.10.2020, sent e-Auction sale notice for sale of immovable properties under Rule 8 (6) of Security Interest (Enforcement) Rules, 2002. Issuance of said sale notice by the Bank is not in dispute. It is also the submission of the learned counsel for th....

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....nclined to entertain the present Writ Petition for the purpose of examining the validity of the proceedings initiated under the provisions of SARFAESI Act. 9. During the course of hearing, it is brought to the notice of this Court by the learned counsel for the petitioners that in order to prove their bonafides, the petitioners herein will deposit a sum of Rs. 2,00,00,000/- within a period of ten....