2021 (8) TMI 1075

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....pellant(s) Mr. Balbir Singh, ASG Mr. Akshay Amritanshu, Adv. Ms. Binu Tamta, Adv. Mr. Shyam Gopal, Adv. Mr. M.K. Maroria, Adv. Mr. B. Krishna Prasad, AOR For Respondent(s) Mr. Aravind Varma, Sr. Adv. Ms. Mayuri Raghuvanshi, AOR Mr. Vyom Raghuvanshi, Adv. Ms. Purvat Wali, Adv. Mr. Amar Dave, Adv. Ms. Nandinin Gore, Adv. Ms. Sonia Nigam, Adv. Mr. Raghvendra Pratap Singh, Adv. M/S. Karanjawala & Co.....

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....nd Rs. 9,87,477/-. There is also imposition of penalty and the option of fine in lieu of confiscation. The respondent Bank took out proceedings before the Debt Recovery Tribunal under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The debt was crystallized and thereafter steps were taken in terms of Section 14 of the Said Act before the D....

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.... when the matter came up before this Court, notice was issued and status quo was directed with regard to the nature, title and possession in respect of the immovable property by an order dated 03.01.2011. Leave was granted thereafter and that is how the matter comes before us after a decade. We must note the great irony of the situation where the Bank is required to protect an immovable property ....

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....rties before us or through the impugned judgment but suffice to say that the respondent Bank cannot be prevented from exercising its rights as a secured creditor on the pretext that there is a debt to the Excise Department arising from the confiscation order dated 25.02.2006. We may further observe that on realization of the dues of the Bank, if amounts are still left, those amounts can be utiliz....