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2012 (11) TMI 916 - CALCUTTA HIGH COURTSARFAESI Act - bank or a financial institution has enormous powers to sell the assets of a defaulting borrower and realise their debt without recourse to a court of law - first defendant allegedly entered into an agreement with the plaintiff for sale of those properties in their favour - According to this agreement this defendant was required to issue a sale certificate in favour of the plaintiff - plaintiff thought that it had performed its obligations under the agreement, that the first defendant was obliged to issue the sale certificate and that they were wilfully not doing the same - defendant sold the above properties to the fourth defendant - application was filed by the plaintiff to restrain the fourth defendant from selling, transferring, encumbering or otherwise dealing with the said properties – Held that:- Plaintiff has been able to show that the fourth defendant had notice and knowledge of the agreement between the plaintiff and the first defendant, notice to the fourth defendant or absence thereof or the fourth defendant being a bona fide purchaser for value or not being so, will be fully established at the trial - order of injunction has to be passed restraining the fourth defendant from transferring, encumbering or otherwise dealing with the property till disposal of the suit if the plaintiff succeeds in the suit the property has to be transferred to them, by any transferee - suit has to be expedited and the above order of injunction should be restricted in its operation to six months from date
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