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TMI Blog2003 (11) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... for the petitioner states that an advocate Commissioner had been already appointed and an inventory had been taken and too press that a fresh advocate Commissioner may be appointed to sell the same and remit the proceeds into the account of the applicant Bank. Accordingly Sh. Md. Moinudeen, Advocate is appointed as Receiver to seize and sell the petition schedule property by way of a public auction and remit the proceeds into this Tribunal to the credit of the O.A. The Receiver s remuneration is fixed at Rs. 2,500 and the same may be paid to the Receiver directly by the applicant bank. Call on 14-5-2002." It is needless to say that by virtue of the impugned order, one Sri Moinudeen, Advocate was appointed as receiver to seize and sell the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount and to safeguard its own interest when the jurisdiction of the Tribunal was invoked on being satisfied that circumstances do exist to appoint a Receiver to seize and sell the petition schedule property, the impugned order was made. The learned counsel while making elaborate submissions had taken me through the different provisions of the Recovery of Debts Due to Banks Financial Institutions Act, 1993, hereinafter referred to as "Act" for the purpose of convenience, and the learned Counsel also submitted that in the light of section 19(18) of the Act, as amended by Amending Act in 2000, the power to appoint either a Commissioner or a Receiver to sell the property in question pending disposal of the main O.A. cannot be in doubt at al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any property, whether before or after grant of certificate for recovery of debt; ( b )remove any person from the possession or custody of the property; ( c )commit the same to the possession, custody or management of the receiver; ( d )confer upon the receiver all such powers, as to bringing and defending suits in the courts or filing and defending application before the Tribunal and for the realization, management, protection, preservation and improvement of the property, the collection of the rents and profits thereof, the application and disposal of such rents and profits, and the execution of documents as the owner himself has, or such of those powers as the Tribunal think fit; and ( e )appoint a Commissioner for preparation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t." (p. 268) 5. In the present case, the proposed sale of movables of the 1st petitioner Company by way of publication by the Receiver appointed in I.A. No. 880/2002 fixing the date of sale as 28-9-2002 fixing the upset price had been questioned. The existence of power is definitely something different from the exercise of such power. It is not in controversy that the Tribunal has power to order seizure and also sale by appointment of a Commissioner or a Receiver as the case may be, depending upon the facts and circumstances of the case. It is needless to say that the appointment of Receiver itself normally is taken as a harsh remedy. But, if the circumstances warrant, definitely Courts may resort to the appointment of Receiver. Strong ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an effective alternative remedy is available normally the extraordinary Constitutional remedies under Articles 226 and 227 of the Constitution of India cannot be resorted to. But, however, here is a case where the Tribunal made the impugned order, as already stated supra the extreme step, appointing a Receiver to seize and sell the properties pending adjudication of the main O.A. without recording reasons. It is no doubt true that there was no contest by the petitioners. But, that will not alter the situation in any way in my considered opinion since the Tribunal is duty bound to make a reasoned order while taking such an extreme step. Inasmuch as the impugned order is in violation of the principles of natural justice, the contention rais ..... X X X X Extracts X X X X X X X X Extracts X X X X
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