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2015 (2) TMI 1240 - HC - Indian LawsIssue of sale notice - symbolic possession - SARFAESI Act - Held that:- It is clear from the declaration of law that only after possession is handed over to the secured creditor, the later is entitled to invoke Rule 8 of the Security Interest Enforcement Rules, 2002 and issue the sale notice. Admittedly in the instant case possession has not been handed over to the secured creditor in terms of paragraphs 36. 1 to 36.3 of Standard Chartered Bank Vs. V. Noble Kumar & Ors. (2010 (7) TMI 277 - HIGH COURT OF MADRAS ). Therefore, we find no reason to interfere with the order passed by the learned Single Judge quashing the sale notice. This order shall not preclude the appellant-Bank from taking appropriate steps under the SARFAESI Act, 2002 in accordance with law. The appeal is accordingly dismissed.
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