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2016 (5) TMI 1233 - UTTARAKHAND HIGH COURT

2016 (5) TMI 1233 - UTTARAKHAND HIGH COURT - TMI - Calculation of arrears to the bank - SARFAESI Act - Held that:- We vacate the direction that no other expenses like legal expenses, publication of notice in the newspaper will be added in calculating the arrears. In other words, it will be open to the Bank to include all the expenses, which it actually incurred as per law. The first installment is to be paid by the writ petitioners/respondents on or before 20.03.2016 in a sum of ₹ 25 Lakhs .....

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K. M. Joseph (CJ) And V. K. Bist, JJ. For the Petitioner : D. S. Patni For the Respondent : Shobhit Saharia JUDGMENT K. M. Jospeh, CJ. Appellants are the respondents in the writ petition. Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act ) were taken against the writ petitioners, who are the respondents in the appeal. The writ petition was lodged against the same. The learned Single Judge granted rel .....

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al expenses, publication of notice in the newspaper will be added in calculating the arrears. ii) The petitioner will genuinely pay such arrears in six installments payable and every such installment shall be payable after two months. iii) Meanwhile, it is hereby directed that the bank will immediately remove its possession over the factory in question and the petitioner shall be permitted to run the same in order to yield some manufacturing there. By all concern, no impediment will be caused in .....

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ssession of the factory after breaking open the lock of the same. 2. Feeling aggrieved, the appellants are before us. 3. We heard Mr. D.S. Patni, learned counsel for the appellants and Mr. Shobhit Saharia, learned counsel for the respondents. 4. Learned counsel for the appellants would point out that the learned Single Judge erred in excluding the expenses as he has done. He would further submit that the learned Single Judge has not provided against the contingency of the respondents/writ petiti .....

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