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TMI Blog2017 (4) TMI 1644X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued by the opposite party-Bank under Section 13(4) of the SARFAESI Act, with a prayer to direct the opposite party no.1-Bank not to take over the physical possession of the mortgage property of the petitioner. Learned counsel for the petitioner submits that the petitioner is the guarantor for the loan availed by the opposite party nos.2 to 4. It is submitted that because of non-payment of loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Bank with reference to the possession notice ( Annexure-2 series) submits that the possession of the mortgage property has already been taken over by the Bank and the Bank has decided to put the same to public auction. It is submitted that as on 01.02.2016, the outstanding loan amount was Rs.40,86,138/-. Learned counsel for the Bank fairly submits that if the petitioner-guarantor deposits a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Till a final decision is taken on the application of the petitioner for one time settlement/rephasement, no coercive action shall be taken in respect of the property of the petitioner, pursuant to the notice dated 24.05.2016 under Annexure-2 series to the writ petition. On the petitioner depositing an amount of Rs.10,00,000/- (Rupees Ten lakhs) within the stipulated period, the physical posse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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