The Debts Recovery Tribunal dismissed an application filed under the SARFAESI Act as infructuous because the proposed auction did not take place. The court noted no other grounds to assail the notice.
The SA was dismissed as becoming infructuous.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHENNAI
Dated this 19th Day of July, 2022
PRESENT: SHRI A.S.JAYACHANDRA
Presiding Officer
SA No.252 of 2022
Mr.C.Selvakumarasamy, S/o Mr.Chinnasamy, No.220, 42nd Street, 8th Sector, K.K.Nagar, Chennai – 600078.
. . . Applicant
Versus
The Authorised Officer, Indian Bank, Ethiraj Salai Branch, No.5, Ethiraj Salai, Zonal Office Building, II Floor, Wellington Estate, Egmore, Chennai – 600008.
. . . Respondent
Counsel for Applicants :- Mr.M.Madhu Prakash Counsel for Respondent :- Mr.P.V.Muralidhar
: - O R D E R - :
This application is filed under Section 17(1) of SARFAESI Act, 2002 praying to declare the e-auction notice dated 02.06.2022 issued by the respondent under SARRFAESI Act with regard to B Schedule property as null and void and to release the B Schedule property with costs.
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notice dated 02.06.2022 had served such notice on the applicant by which the Respondent proposes to sell both the properties of this applicant and that of the lady.
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since the sale itself has not taken place. There are no other major grounds urged to assail the sale notice. Consequently the following order.
SA No.252/2022 stands dismissed as becoming infructuous. The grievance of the petitioner to exempt his property may be put before the authorised officer in case of the subsequent ventures to sell if the other property’s sale proceeds meeting out the existing debt. The applicant is to work out his remedies elsewhere.
Sd/(A.S.JAYACHANDRA) PRESIDING OFFICER DRT-I, CHENNAI
(Dictated to PS, transcribed by him, corrected, signed and pronounced by me on this 19th day of July, 2022)
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2 issues framed by the court
Whether to allow the application to declare the e-auction notice as null and void and release the property.
Whether the applicability of SARFAESI Act requires sale of the mortgagor's property where the guarantor's property meets the debt.
1 provisions across 1 enactments
Mr. C. Selvakumarasamy
The Authorised Officer, Indian Bank, Ethiraj Salai Branch
A.S. Jayachandra
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
