In Brief
A bank and asset reconstruction company disputed liability for distributing proceeds from a forced sale of borrower company property. The Supreme Court examined whether the asset reconstruction company violated court orders by not paying Rs. 4.5 crores to the bank from sale proceeds. The Court held that clear court directives to pay specific amounts from recovered assets are binding and cannot be suspended by filing modification applications. Although contempt action was not pursued after the company deposited the amount, the Court directed payment to the bank, subject to the High Court's final determination of the actual amount due.
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