9911796707
TMI Blog2019 (8) TMI 1915X X X X Extracts X X X X X X X X Extracts X X X X ..... :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 Section 9 of the Arbitration and Concilia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 question. However, it appears that the proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 submit that there was no such direction in the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke 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 bidder, subject to the entire bid amount being made over ..... X X X X Extracts X X X X X X X X Extracts X X X X
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