Allowed

Indian Overseas Bank v. Sri Kanchustambam Venkata Satya Prasad and Ors.

DRAT4 Oct 2023REGULAR APPEAL/51/2020

Case brief

AI extract

What is this about?

The Tribunal allowed the Bank's appeal against a DRT order setting aside an auction sale of property. The order was allowed due to the respondent's affidavit consenting to the appeal, reviving the previously set-aside sales.

What did the court decide?

The appeal was allowed. The impugned order of the DRT setting aside the auction sale is set aside. The auction sale in favour of the respondents is revived.

Indian Overseas Bank versus Sri Kanchustambam Venkata Satya… — Banking and Recovery | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appl. No. 51 of 2020

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THE HON’BLE JUSTICE SHRI ANIL KUMAR SRIVASTAVA, CHAIRPERSON

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04.10.2023

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The Branch Manager, Indian Overseas Bank, Suryarapet Branch, East Godavari District.

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The Authorised Officer, Indian Overseas Bank, D. No. 48-14-111, 3^rd floor, Sri Nitya Complex, Ramatalkies Road, Viskhapatnam, A.P., PIN 530013.

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… Appellants Vs.

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Sri Kanchustamnam Venkata Satya Prasad, residing at 69-3-17/5A, Nagavanam, Kakinada, East Godavari Dist. PIN 533005.

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Sri Thummala Sri Ram Reddy, residing at Mega Residency, Champapet, Rangareddi, Telengana 500079.

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Sri Satu Srishailam, residing at H.No.316, Kishan Nagar, Pidikriyal, Mahubnagar – 509410.

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Sri S. N. Dileep Janga, residing at Flat No. 302, Sri Sai Sadan, Phase-3, Kamalapuri Colony, Srinagar Colony, Hyderabad – 500073.

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Sri R. Neeharika, residing at Flat No. 302, Sri Sai Sadan, Phase-3, Kamalapuri Colony, Srinagar Colony, Hyderabad – 500073.

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….. Respondents

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For Appellant : Ms. Aparajita Ghosh, ld. advocate. Mr. Souvik Ghosh, ld. Advocate. Ms. Aditi Roy, ld. Advocate.

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For Respondents : Mr. K. Ramajo Geswara Rao, ld. Advocate for resp.no.1.

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Ms. Swarnali Dutta, ld. Advocate.

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Mr. Gourav Singh, ld. Advocate.

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THE APPELLATE TRIBUNAL :

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Vakalatnama filed by respondent no.1 is taken on record.

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Instant appeal preferred against the judgement and order dated 10.10.2019 passed by the learned DRT, Visakhapatnam in S.A. No. 103 of 2019 whereby S.A. was allowed and auction sale

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held on 19.11.2018 in favour of respondent no. 2 and 3, Sri Thummala Sri Ram Reddy and Sri Satu Srishailam and auction sale held on 30.01.2019 in favour of respondent no. 4 and 5, Sri S.n.Dileep Janga and Mr. R. Neeharika were set aside.

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Respondent no. 4 and 5 are served, but no represented.

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Today, an affidavit is filed by respondent no.1 wherein it is prayed that the appeal filed by the Bank may be allowed.

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Learned counsel for the respondent no. 2 and 3 submits that they have no objection if the appeal is allowed.

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By the impugned order learned DRT has set aside the sale which was conducted in favour of respondent no. 2 and 3 and respondent no. 4 and 5 for different properties. If the appeal is allowed the order would become nonest and auction sale in favour of respondent no. 2 and 3 and respondent no. 4 and 5 hereby automatically revived accordingly.

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In view of the statement made by respondent no.1 in the Affidavit filed today as well as consent given by the learned counsel for respondent no. 2 and 3, Appeal No. 51 of 2020 is allowed and judgement and order dated 10.10.2019 passed by learned DRT, Visakhapatnam in S.A. No. 103 of 2019 and I.A. No. 1672 of 2019 is set aside. Accordingly, S.A. is stand dismissed.

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File be consigned to record room.

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Copy of the order be supplied to the appellant and the respondents and a copy be also forwarded to the concerned DRT.

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Copy of the judgement/Final Order be uploaded in the Tribunal’s website.

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Order dictated, signed and pronounced by me in the open Court on this the 4^th day of October, 2023.

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(Anil Kumar Srivastava, J) Chairperson

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Dated : 04.10.2023 01 /pkb

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Indian Overseas Bank v. Sri Kanchustambam Venkata Satya Prasad and Ors.

Case brief

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Indian Overseas Bank v. Sri Kanchustambam Venkata Satya Prasad and Ors.

Case brief

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