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Nitingowda   08 November 2017

Pari passu charge

In an execution petition we have filed an application under order 21 rule 54 seeking an attachment of schedule property/ies and had also produced 3 RTC's. After addressing arguments, it was learnt that one of the application scheduled property had been mortgaged in favour of cooperative bank. Such being the case, whether second/subservient/pari passu charge could be created and furthermore in the absence of pari passu agreement between the two financial institutions. I'm sourcing for precedents but with no avail. I shall awaiting for valuable informations. Thank you


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