2019 (8) TMI 1915

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....n Bose, Adv. For the Respondent :Ms. Roopa Seth Mitra, Adv. for the Respondent. ORDER 1. This application is filed by the applicant/bank seeking leave to proceed under the provisions of the SARFAESI Act, 2002 in respect of its secured asset being property at 23/1, Mandeville Gardens, Kolkata - 700019. 2. This application is necessitated by reason of the fact that in a proceeding under ....

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....e balance sale proceeds transferred to the independent accounts in the names of the Special Officers. The bank's right to the sum of Rs. 4.55 crore was to be in accordance with law and subject to any negotiation that may be initiated by the debtors. 3. The applicant bank proceeded on the basis that the bank would be in a position to realise the aforesaid amount by sale of the property in qu....

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....the property for sale in order to realize its claim against the parties to the proceedings and the jurisdiction of a Civil Court is clearly barred under Section 34 of the SARFAESI Act, 2002. The object for which the order was passed seems to have been frustrated by reason of the parties being unable to hand over vacant possession of the property to the bank. The learned counsel for the parties sub....

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....ed November 16, 2017 and by directing the bank to take immediate steps for the sale of the Mandeville Gardens property by publishing advertisements as the bank would in the usual course in terms of the rules under the said Act of 2002. It will be open to the parties to carry offers for the Mandeville Gardens property to the bank. The sale will be confirmed by the bank in favour of the highest bidd....