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TMI Blog2018 (1) TMI 1746X X X X Extracts X X X X X X X X Extracts X X X X ..... resent in Court. 2. The disputes are between the members of the Agarwal family. The Agarwal patriarch is the respondent no. 1 who has been served but is not represented. The appellant is one of the sons of the patriarch and the second and third respondents are the two brothers of the appellant. The appellant claims that though a Mandeville Gardens property has been secured in favour of the United Bank of India for certain credit facilities availed in course of the family business, the value of the property is well in excess of the claim of the bank. The bank has issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, but no steps have yet been taken un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the value of the Mandeville Gardens property is well in excess of the claim of the bank. It is true that the bank may have no role to play in the arbitral reference, but it would not enure to the benefit of any party or the bank if the property is not sold or the bank does not appropriate the proceeds to the extent of its claim. It is possible that certain interlocutory orders take the character of a final order and certain aspects of the suit are resolved even before the trial is commenced or any decree passed. Merely because the bank is not a party to the arbitration agreement should not deter the Court in finding a solution for the parties, subject to the non-party to the arbitration agreement having no reservation in participating in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to cover the bank's claim thus far of slightly over Rs. 4.52 crore, the expenses for conducting the sale and further interest, if any. The balance amount will be transferred by the bank into another account in the same branch in the name of the joint special officers identified by an order dated July 6, 2017. Upon the bank appropriating the sum of Rs. 4.55 crore towards its claim, the bank will enjoy no lien over the balance sale proceeds transferred to the independent account in the names of the special officers. The bank's right to the sum of Rs. 4.55 crore will be in accordance with law and subject to any negotiation that may be initiated by the debtors. 10. The special officers will create recurring short-term fixed de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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