Colletral security damaged due to negligence

R.K.MURARKA (Querist) 16 August 2009 This query is : Resolved
I wanted to know that Mumbai High Court Receiver had taken possession of the factory with assets under High Court order for recovery of the bank dues.Due to their negligence and not taking any insurance policy by bank though given undertaking, whole property hasd been damaged in cyclone and earth quake. Thus whole security had been lost. I wanted to have a latest citation of Supreme Court that the High Court receiver or Bank is liable to pay the value of the property.

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