Dismissed

Mr Nirmal R Jain v. Mr P N Srinivasan

DRAT3 Feb 2025MISC APPEAL/44/2023

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal dismissed an appeal by an auction purchaser challenging an interim order, noting the appeal became infructuous as the main transfer sale application was disposed of by allowing a review petition that set aside the sale.

What did the court decide?

Appeal against the interim order is dismissed as it has become infructuous due to the disposal of the main transfer sale application.

Mr Nirmal R Jain versus Mr P N Srinivasan — Banking and Recovery | DRAT (2025)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

¶2

Dated the 3^rd Day of February, 2025

¶3

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

¶4

MA (SA) 44/2023

¶5

(Arising out of TSA 232 /2023 on the file of DRT-3, Chennai)

¶6

Between

¶7

Mr.Nirmal R. Jain S/o. Mr. Rajkumar Jain Sankeshwara Apartment No.1089, Poonamalle High Road B Block, Flat No. + 503, Flowers Road Chennai – 600 084 …Appellant

¶8

And

¶9

Mr. P.N.Srinivasan,

¶10

1^st Floor, A1 Plaza Court, No. 28, Church Road,

¶11

Perungudi, Chennai – 600 096

¶12

The Authorised Officer, Union Bank of India, T. Nagar Branch, No. 65, Sir Thiyagaraya Road, Pondy Bazar, T.Nagar, Chennai – 600 017. …..Respondents

¶13

Counsel for Appellant : Mr. R.R. Pradeep Counsel for R1 : Mr. N Rangarajan Counsel for R2 : R. Gowthama Narayanan

¶14

¶15

ORDER

¶16

This appeal is filed under Section 18 of the SARFAESI Act challenging the order passed in TSA 232/2023 on 02.06.2023. The following order had been passed on 02.06.2023:

¶17

“Counsel for applicant, counsel for R1 bank and counsel for R2 are present. Heard Ld. Counsels appearing for respective parties. At request of Ld. Counsel for applicant, interim order stands vacated and auction purchaser will be at liberty to withdraw his funds while respondent bank will be entitled to adjust the amounts deposited by borrower to the credit of borrower’s loan account. Applicant is permitted to initially pay the admitted amount of Rs. 12 Lakhs to the auction purchaser and also suggest how much can be improvised by next hearing date. Call on 03.07.2023.”

¶18

When the matter is taken up, it is submitted by the Ld. Counsel for 1st respondent, borrower, that he filed TSA 232/2023 challenging the sale notice and sale. After contest, this application was allowed. Against the said order, the Auction purchaser, appellant herein, had filed an appeal, which is yet to be numbered. The impugned order concerned in this appeal is only the interim order and when the main TSA 232/2023 itself got disposed, the appeal against the interim order will become infructuous.

¶19

Ld. Counsel for appellant submitted that the appellant was the successful bidder in the auction and the sale certificate was also issued in his favour. After the disposal of TSA 232/2023, he filed an appeal and the appeal is not yet numbered.

¶20

¶21

From the facts narrated above, it is made clear that the main TSA 232/2023 itself was disposed by allowing it and setting aside the sale. When that be the case, this appeal against the interim order passed on 02.06.2023 in TSA 232/2023 becomes infructuous and thus this appeal is dismissed.

¶22

Parties are directed to bear their own costs. Pending IAs, if any, stand closed.

¶23

[Dictated to Steno (DD), transcribed by her, corrected, signed and pronounced by me in open court, this 3^rd March, 2025]

¶24

Sd/-

¶25

[Justice G. Chandrasekharan] CHAIRPERSON

¶26

Mr Nirmal R Jain v. Mr P N Srinivasan

Case brief

What is this about?

What did the court decide?

Mr Nirmal R Jain v. Mr P N Srinivasan

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Bhagyanagar Solvent Extraction Pvt. Ltd. versus Indian Renewable Energy Development Agency Limited

Svc Co. Operative Bank Limited versus Hotel Saravana Bhavan

Phoenix Arc Pvt. Ltd. versus E M Vaikundasamy

Mr. Reji Abraham versus Icici Bank Limited

Gj Tex versus State Bank of India

Messers Delta Engineers versus Karur Vysya Bank