Allowed

Smt Chellaboyana Sri Laxmi v. State Bank of India

DRT19 Jul 2022SA/180/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal granted an interim stay on the auction of schedule properties and possession notice issued by the Respondent Bank, conditioned upon the applicant depositing Rs. 12 lakhs as security to the bank within specified timeframes.

What did the court decide?

Interim stay granted on auction and possession proceedings subject to depositing Rs. 12 lakhs as security by the applicant within timeline.

Smt Chellaboyana Sri Laxmi versus State Bank of India — Banking and Recovery | DRT (2022)

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THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD} DATED THIS THE 19th DAY OFI^{JULY 2022} PRESENT: SRI. GUMMADI GOPICHAND HON'BLE PRESIDING OFFICER

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rA. NO.889^()F 2022 AND rA. NO. 888^()F 2022 IN sA. NO. 180 0F 2022

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Between

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Smt, Chellaboyana Sri Laxmi, R/o H.No.7-85, Shiridinagar, Almasguda, Near Venkateswara Swamy^{Temple,Hyderabad-500058.}

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....Applicant/s

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And

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M/s. State Bank of India, Stressed Assets Recovery^Branch-2, (Erstwhile Assets Recovery Management Branch) H.No.1-8-563/1, 1't Floor,^Opp: Sandhya Theatre, RTC'X'^Roads, Chikkadpally, Hyderabad-500020. Rep. by its authroised officer, Under Act No.54 of 2002.

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.... Respondent/s

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DOCKET ORDER DT. 19.07.2022.

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The Petitioner filed two I.As

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I.A.No.BB9/22 is an application^{filed under Section 17 of SARFAESIAct,} 2002 seeking stay of all further^{proceedingsof the Respondentbank} including auction of the schedule^{properties fixed on 27.O7.2022 pursuant to} the e Auction Sale Notice^{dt, 05.07'2022issued by the RespondentBank;} I.A.BBB/22 is lication filed seeking stay of^{all further proceedings} includi ssession of the schedule^{property throughNotice} vide uf.(odi/ffi-4/tr:2gdtr.24.os.2o22^{pursudntto the proceedingsof the} Distri<i( dol^t ecto F;?. R. distxi &^d t.^{o L . o 4.2022}

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Ld.{!::^r.tror'ti" Petitiil},\submits^{that the Bank has obtainedseveral} sisrti*lant&r$frrffiorm:,,1n0^{u,to obtainedsienaturesof the}

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DRrr Rs#tt-# ..:':,."

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Petitioner and her husband as^{guarantor before the time of disbursal of the} loan amount. Without considering the^{request made by the Petitionerfor} rescheduling, the Respondent Bank issued^{possession Notice dt.} 02.02.2022. The Bank arbitrarily^issued the^{present e Auction SaleNotice} d1.05.O7.2022 without following the^{due procedureas contemplated under} the^provisions of SARFAESI Act and^{Rules,2002. The Bankhasalso} initiated measures under Section 14 of the^{Act by suppressing the facts and} in turn the Tahsildar issued notice dt.^{16.05,2022 and 24'O5.2022to the} Petitioner in Cr.No.4/657/2022. With these^{submissions,Ld. Counsel for the} Petitioner sought for^grant of stay.

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Heard Ld. Counsel for the Petitioner.^{Perusedthe material broughton} record.

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The issues raised by the Petitioner^{wouldbe decided upon filing counterand} material documents by the Respondent Bank. However,^{in the meantime,} I am of the opinion that there shall be interim^{stay of all further} proceedings including the auction proposed to be conducted^on 27.07.2022 in respect of the schedule^{properties pursuant to the} Auction Sale Notice dt. O5.O7.2O22 and^{also takingphysical} possession of the schedule properties through Notice^vide LR.No.A/657 /2022 dt. 24.05.2022^{pursuantto the proceedingsof} the District Collector, R.R. District dt.^{O1.O4.2O22subject to the} Petitioner depositing a sum of Rs.12^{lakhs in two instalments-l"t} instalment of Rs.6 lakhs on or before^{L2.OA.2O22and 2n'! instalment} of Rs.6 lakhs on or before 06.09.2022^{directly with the Respondent} Bank. In case of failure of compliance of the^{above conditions by the} Petitioner, the interim stay shall stands^{vacated and the Bank is at liberty to} proceed further in accordance with law

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In the meantime, the Petitioner is^{directedto issueurgent notice to the} Respondents and file POS.

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Post the matter on 09.09.2022^{before Registrar for report of compliance and} also for filing POS.

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sdl_ Presiding Officer

Smt Chellaboyana Sri Laxmi v. State Bank of India

Case brief

What is this about?

What did the court decide?

Smt Chellaboyana Sri Laxmi v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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