9911796707
TMI Blog2019 (8) TMI 1915X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 order passed by the Co-ordinate Bench directing the parties to make over vacant possession of the property in question so as to enable the bank to put the property for sale as a vacant property without any encumbrance. The learned counsel for the parties have submitted that the parties to the proceedings shall file affidavits of undertaking that the property should be sold free from all encumbrances and they shall hand over the possession of the property in favour of the successful buyer after the sale is concluded in terms of the order dated 24th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e bank would enjoy no lien over the 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 question. However, it appears that the property is in occupation of some of the respondents and/or their relations and the bank could not get vacant possession of the property in question, as a result whereof the bank is not in a position to get the maximum amount the property could fetch had it been a vacant property. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e relevant observations in this regard are set out below: Accordingly, APO No.560 of 2017 and GA No.27 of 2018 are disposed of by setting aside the order impugned dated 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 bidder, subject to the entire bid amount being made over to the bank within four weeks of the highest bidder being identified. In default, an offer will be made to the second highest bidde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
