Disposed

Canara Bank v. Sri Krishna Ginners

DRAT24 Feb 2025MISC APPEAL/42/2024

Case brief

AI extract

What is this about?

Appeal under Section 18 of the SARFAESI Act was disposed of after the Tribunal found that the auction purchaser had withdrawn the bid due to a stay order, rendering the underlying challenge infructuous. The interim stay was set aside.

What did the court decide?

Interim stay order directed to disposed农地的 basis; main appeal disposed. Directions given to lower court to dispose remaining matter expeditiously.

Canara Bank versus Sri Krishna Ginners — 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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MA (SA) 42/2024

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(Arising out of IA No. 3263/2024 in SA 793/2024 on the file of DRT, Coimbatore)

Between

Canara Bank,

SIRKARSAMAKULAM,

Coimbatore – 641 107.

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Represented by its Authorised Officer. …Appellant

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And

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M/s. Sri Krishna Ginners Prop. R. Umadevi 10/284-1,Oraikalipalayam Kunnathur Pudur, Sarkarasamakulam Via Coimbatore – 641 107.

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R. Umadevi

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10/284-1, Oraikalipalayam Kunnathur Pudur, Sarkarasamakulam Via Coimbatore – 641 107.

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O.R. Sivasamy

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10/284-1, Oraikalipalayam Kunnathur Pudur, Sarkarasamakulam Via Coimbatore – 641 107.

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…..Respondents

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Counsel for Appellant : Mr. S. Pandurangan Counsel for Respondents : None

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ORDER

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This appeal is filed under Section 18 of the SARFAESI Act, challenging the order passed in IA 3263/2024 filed in SA 793/2024 dated 07.10.2024 by the Ld. Presiding Officer, DRT, Coimbatore.

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Ld. Counsel for appellant is present.

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It is submitted by the Ld. Counsel for the appellant that SA 793/2024 was filed challenging the sale notice dated 02.09.2024. The borrower had also filed IA 3263/2024 seeking stay, wherein the Ld. Presiding Officer, directed the appellant to make a deposit of 35% of the balance amount of Rs. 95,24,053.81p in two instalments of Rs.16,67,000/- on or before 07.11.2024 and 07.12.2024 respectively. If the payment is made, it was ordered that sale need not be confirmed. The borrower had complied with the condition. Thus the stay was made absolute, pending disposal of the SA. Due to grant of stay, the bank and auction purchaser had been put to hardship. The sale could not be confirmed and because of the stay granted, the Auction Purchaser had withdrawn from the bid. The bid amount had also been returned. Effectively, SA 793/2024 had become infructuous. Therefore, Ld. Counsel for the appellant prays for disposing the main appeal itself.

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Though this matter is listed for arguments, there is no representation for the respondents.

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In the light of the facts submitted by the Ld. Counsel for the appellant, this Tribunal deems it fit to dispose the main appeal itself, in view of subsequent developments that had taken place after the grant of stay. Now, the Auction Purchaser had withdrawn from the bid because of the grant of stay and therefore the SA 793/2024 has technically become infructuous.

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In the said circumstances, the interim order granted by the Ld. Presiding officer, DRT, Coimbatore in IA 3263/2024 in SA 793/2024 is set aside. The Ld. Presiding Officer, DRT, Coimbatore is directed to dispose the SA 793/2024 as expeditiously as possible.

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With the above direction, this Appeal MA (SA) 42/2024 is disposed.

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Parties shall bear their own costs. 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 24^th February, 2025]

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Sd/-

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[Justice G. Chandrasekharan] CHAIRPERSON

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Canara Bank v. Sri Krishna Ginners

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sri Krishna Ginners

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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