Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property – Mr. Prateek Gupta & Ors. Vs. Kotak Mahindra Bank Limited & Anr. – NCLAT New Delhi

NCLAT observed that in the present case, there is no doubt that 260 sq. yards land belongs to the Corporate Debtor which is in the liquidation estate. The Liquidator who is present before us submits that in view of the peculiar facts and circumstances of the case 1400 sq. yards and 260 sq. yards are not separable and sale of composite property can obtain the maximum revenue for the said land and joints sale of the property is material to have more revenue for the property which may be beneficial to the liquidation estate. Further NCLAT held that in the peculiar facts and circumstances of the case, no error can be found with the Order of the Adjudicating Authority directing for composite sale of land of both the parts under the SARFAESI Act, 2002. Even the Liquidator when he sells the property under the liquidation, he has to follow the procedure under the SARFAESI Act, 2002 for sale of the property.

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