The Debts Recovery Tribunal disposed of a securitization application as infructuous because the secured creditor's auction did not materialize due to lack of bidders and the applicant failed to appear before the Tribunal.
The secuirization application was disposed of as infructuous and any interim order was vacated.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU
Dated this the 27th Day of July 2022,
Present: SMT. S. V. GOWRAMMA Hon`ble Presiding Officer
SA.No.256/2022
Between:
S/o Sri. Lingappa
All are residing at: No.14, 3rd Cross, Banashankari Extn, Tumkur Nagara Tumkur - 572102 ...Applicants
And:
Tumkuru Veerashavia Co-operative Bank Ltd. Dr.S. Radhakrishna road, S.S.Puram, Tumkur - 572102 Rep. by its Manager ... Respondent
Counsels on record/appeared for:
Applicant : B & S Associates & Advocates Respondent : Law Vibes
: ORDER ON SA 256/2022:
The present Securitization Application is filed under sub-Section [1] of S.17 of the Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002 (for short the ‘Act’) challenging the action and the measure taken by the secured creditor under the Security Interest [Enforcement] Rules, 2002 [for short the ‘Rules’]
2 SA No.256/2022
Accordingly, SA.No.256/2022 is disposed of as infructuous. Interim order granted if any stands vacated. Any pending IA/s if any are disposed of in term of this order. No order as to cost.
(Dictated to the Steno (BL), after her transcription and necessary corrections, signed and Order passed on this 27th Day of July, 2022)
Sd/PRESIDING OFFICER DRT-2, BENGALURU
1 provisions across 1 enactments
Sri. T.L. Manjunath
Tumkuru Veerashavia Co-operative Bank Ltd.
Smt. S. V. Gowramma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
