Dismissed

Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

DRAT29 Jan 2025MISC APPEAL/6/2025

Case brief

AI extract

What is this about?

This Debt Recovery Appellate Tribunal disposed of an appeal against DRT Coimbatore's order directing a deposit of Rs. 75 Lakhs. The bench dismissed the appeal and the accompanying stay application, directing the Presiding Officer to expedite the main sub-judice matter.

What did the court decide?

The appeal MA (SA) 6/2025 and the stay application IA 26/2025 are dismissed.

Mrs Selvi versus Messers Cholamandalam Investment… — Contract and Commercial Disputes | DRAT (2025)

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 29^th day of January, 2025

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PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN

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CHAIRPERSON

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MA (SA) 6/2025 (Arising out of IA 104/2022 in SA 29/2022 on the file of DRT, Coimbatore)

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Between

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Mrs. Selvi.S W/o. Late Srinivasan S, 258A, SRP Illam KKV Street, Mullai Nagar, Bodhupatti Road, Namakkal – 637 001. …..Appellant

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And

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Authorised Officer, Cholamandalam Investment and Finance Company Ltd., No.301, 302, 3^rd Floor, Raheja Centre No.1073, Avinashi Road, Coimbatore – 641 018 …..Respondent Counsel for Appellant : Mr. Nithyavendhan.K Counsel for respondent : Mr. K.J.Parthasarathy

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ORDER

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Ld.Counsel for petitioner/appellant is present through VC. Ld. Counsel for respondent is present.

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This appeal MA (SA) 6/2025 is filed against the interim order passed in IA 104/2022 in SA 29/2022. Appellant filed SA 29/2022 challenging the Possession Notice dated 17.11.2021. In the said SA, appellant filed IA 104/2022 seeking to stay all the further proceedings wherein the Ld. Presiding Officer, DRT, Coimbatore passed an order

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directing the petitioner to deposit a sum of Rs.75 Lakhs to the respondent financial institution in two instalments of Rs.37,50,000/- each on or before 07.12.2022 and 04.01.2023 respectively. Challenging this order, this appeal is filed.

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When this appeal was entertained, on 05.07.2023, this Tribunal directed the petitioner/appellant to make a pre-deposit of 25% of Rs.1,22,05,742/-, which comes to Rs.30,51,435/-, within a period of two weeks form 05.07.2023. Challenging the same, appellant filed WP No.21856/2023, before the Hon’ble High Court of Madras and the in the said WP, the Hon’ble High Court of Madras was pleased to pass an order on 27.07.2023 giving direction to the petitioner to deposit a sum of Rs.15 Lakhs within two weeks from the date of the order. It is submitted by the Ld. Counsel for the petitioner that petitioner had complied with the said order and petitioner has also deposited a sum of Rs.37,50,000/- to the respondent. Thus, it is the case of petitioner/appellant that she had deposited a sum of Rs.52,50,000/- in total.

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Ld. Counsel for respondent seriously opposed this application and the appeal.

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The challenge before the DRT, was to the Possession Notice dated 17.11.2021. There is no question of ordering blanket stay of the proceedings in SARFAESI measures. This appeal was filed, challenging the order passed in the IA 104/2022 on 09.11.2022 by DRT, Coimbatore and now we are in Jan 2025.

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In the said circumstances, this Tribunal directs the Ld. Presiding Officer, DRT, Coimbatore to dispose of the SA 29/2022, as expeditiously as possible.

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In view of the same, this IA 26/2025 (Stay) and the appeal in MA (SA) 6/2025 are dismissed. Parties shall bear their own costs.

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Pending IAs, if any, stand closed.

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[Dictated to Steno (DD), transcribed by her, corrected, signed and pronounced by me in open court, this 29^th January, 2025)

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Sd/-

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(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON

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Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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