2013 (5) TMI 325

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..... as Mathew Nellimoottil, SC CB EX, Sri John Varghese, SC, Sri T K Vipindas, Smt P K Priya, Sri K V Sree Vinayakan And Sri K M Muhammed Husain, Adv JUDGEMENT Heard the learned senior counsel for the petitioner, learned Standing Counsel appearing for respondents 1, 2 and 4 and the learned counsel appearing for the 3rd respondent. 2. 3rd respondent had availed of loans from the petitioner and as s .....

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..... of the property to the successful bidder. Yet another contention that the Bank raises is that in view of the subsisting mortgage, it has first charge over the secured assets. 4. However, the stand taken by respondents 1, 2 and 4 is that in view of the statutory provisions contained under the Customs Act, they are entitled to first charge the property in question and that therefore, they should be .....

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..... s, I am inclined to think that if the Bank is permitted to proceed with the sale with a direction to keep the required amount out of the sale proceeds, in an interest bearing account, pending adjudication in S.A.124/12, that will not prejudice the interest of respondents 1 and 2. 7. Therefore, I dispose of this writ petition with the following directions. a) Petitioner/Bank will be at liberty t .....

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