Disposed

Indian Overseas Bank v. P Krishnamoorthy

DRAT24 Feb 2025MISC APPEAL/11/2025

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal disposed of a stay application and appeal filed by an India Overseas Bank against an interim stay order from the DRT, Coimbatore, extending the stay for one month while directing expedited disposal of the main appeal.

What did the court decide?

The stay on payment of Rs. 3,81,000/- was extended for one month from receipt of the order. The DRT was directed to dispose of the main appeal expeditiously.

Indian Overseas Bank versus P Krishnamoorthy — Banking and Recovery | DRAT (2025)

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 24^th Day of February, 2025

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PRESENT: HON'BLE MR. JUSTICE G. Chandrasekharan CHAIRPERSON

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IA 168/2025 (Stay)

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MA (SA) 11/2025

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(Arising out of IA No. 4081/2024 in SA 878/2024 on the file of DRT, Coimbatore)

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Between

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The Authorized Officer,

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Indian Overseas Bank, IOB Tower, 12, A.P.T. Road, Park Road – Sathy Road Junction,

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Erode – 3

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The Branch Manager, Indian Overseas Bank, Thindal Branch, 431, Near Parimalam Mahal, Chinna Sengodampalayam, Perundurai Road,

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Erode – 638 012 …Appellants

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And

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Mr.P.Krishnamoorthy, #56, Sri Ragavendra Nagar, Chamundi Nagar Extension, Thindal, Erode – 638 012.

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K.Baby, #56, Sri Ragavendra Nagar, Chamundi Nagar Extension, Thindal, Erode – 638 012.

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Abinaya,

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#56, Sri Ragavendra Nagar, Chamundi Nagar Extension, Thindal, Erode – 638 012.

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Rasika, #56, Sri Ragavendra Nagar, Chamundi Nagar Extension, Thindal, Erode – 638 012.

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A Kongu Govindaraju, No.221-E4 Street Kilaku, Virivakkam Sakthi Nagar, Thindal, Erode – 638 012. …..Respondents Counsel for Appellants : Mr. Arjun Makuny Counsel for R1 to R4 : Mr.Balaji Thirumoorthy Counsel for R5 : Mr. B.Gurumurthy

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ORDER

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Ld. counsel for petitioners/appellants is present. Mr. Balaji Thirumoorthy, Advocate filed vakalat on behalf of R1 to R4.

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This stay application is urged by the Ld. Counsel for the petitioners on the ground that the interim order in IA 4081/2024 passed in SA 878/2024 on 06.11.2024 is in direct violation of Sec.13(8) of the SARFAESI Act. He further submitted that once sale is held and confirmed, taking of possession cannot be stay by passing interim order.

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Ld. Counsel for R1 to R4 opposed this plea. He submitted that there is a discrepancy in the amount stated in the application filed for seeking aid of the Ld. CJM in taking possession.

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This appeal is filed challenging the interim order passed in IA 4081/2024 granting stay on payment of Rs.3,81,000/- each in two instalments. Though the conditional order is complied, in view of the submission of the Ld. Counsel for the petitioners

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that the sale had been confirmed on 26.06.2024 and Sale certificate had been registered on 12.08.2024, there cannot be a blanket stay of the proceedings in SA 878/2024.

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In the said circumstances, this appeal MA (SA) 11/2025 is disposed off with an order to continue the stay for a period of another one month from the date of receipt of the copy of this order. The Ld. Presiding Officer, DRT, Coimbatore, is directed to dispose the main SA 878/2024, as expeditiously as possible. However, it is for the Ld. Presiding Officer, DRT, Coimbatore, to decide as to the continuance of the stay after the expiry of one month or not.

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Accordingly, IA 168/2025 (Stay) and Appeal MA (SA) 11/2025 are disposed.

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Indian Overseas Bank v. P Krishnamoorthy

Case brief

What is this about?

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Indian Overseas Bank v. P Krishnamoorthy

Case brief

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