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2013 (5) TMI 325 - HC - CustomsSARFAESI Proceedings - 3rd respondent had imported certain machineries and according to the 1st respondent, the export obligations were not fulfilled - whether pending adjudication of the disputed issue of first charge, Bank should be permitted to proceed with the sale of the mortgaged assets as directed by the DRT :- If the Bank is permitted to proceed with the sale with a direction to keep the required amount out of the sale proceeds, in an interest bearing account, pending adjudication will not prejudice the interest of respondents 1 and 2. Petitioner/Bank will be at liberty to proceed with the sale of the secured assets of the 3rd respondent, Respondents 1 and 2 will intimate to the Bank the amount due to it from the 3rd respondent within three weeks from today & petitioner/Bank shall keep the amount stated to be due to respondents 1 and 2 in an interest bearing account, which shall be pending adjudication of the question of first charge by the DRT Once the sale materializes and the amount is kept in deposit as ordered above, respondents 1 and 2 shall debond the premises so that, the petitioner/Bank can hand over possession thereof to the successful purchaser.
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