Allowed

Asg Enterprises v. Punjab National Bank

DRT12 Oct 2022SA/270/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application challenging a Possession Notice under Section 13(4) of the SARFAESI Act. The bank withdrew the SARFAESI action with liberty to initiate fresh proceedings, leading to the disposal of the application.

What did the court decide?

Application allowed; SARFAESI actions withdrawn by bank with liberty to proceed afresh; Interim orders vacated; Application disposed.

Asg Enterprises versus Punjab National Bank — Arbitration | DRT (2022)

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S.A. 270 of 2022 12.10.2022

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 12^th day of October, 2022

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Present: Shri Ganapathi K.R.K. Presiding Officer

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SARFAESI APPLICATION No. 270 of 2022

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M/s.ASG Enterprises Represented by its Managing Partner Mr. S. Udhayakumar 3/25, Kamarajar Salai, Nehru Nagar, Ramapuram, Chennai – 600 089. 2. Mr.A.Sekar, No.3/25, Kamarajar Salai, Senthamil Nagar Ramapuram, Chennai – 600 089. 3. Mr.S.Udayakumar, S/o Late. S.Sukumaran, No.3, Narangi Flats, No.85/5, 4^th Avenue, Ashok Nagar, Chennai – 600083 …Applicants Vs. The Authorised Officer & Chief Manager, Punjab National Bank Circle Sastra Centre, Chennai South, Mazzanine Floor, 46-49, Royapettah High Road, Royapettah. Chennai – 600 014. ….Respondent Counsels on record / appeared: Counsel for Applicant : M/s.R.Thiagarajan. Counsel for Respondent : M/s.M.Sridhar

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S.A. 270 of 2022 12.10.2022

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ORDER

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This SA is filed challenging the Possession Notice dated 21.04.2022 issued by respondent bank for recovery of a sum of Rs.75,67,445/-.

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Today a memo is filed on behalf of respondent bank suggesting therein that the amount claimed in the demand notice as well as possession notice is not reflecting correct amount due from the defendants and therefore respondent bank intends to withdraw their SARFAESI actions with liberty to initiate action afresh. Copy of memo is served to representative counsel for applicant.

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In the result, this SA is allowed, however without costs. Liberty be with respondent bank to proceed further in accordance to law, if the default of the borrower continues. Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed.

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With the above directions, this SA stands disposed.

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A copy of the order be communicated to the parties concerned as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 12^th day of October, 2022)

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Sd/-

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(GANAPATHI K.R.K)

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PRESIDING OFFICER

Asg Enterprises v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Asg Enterprises v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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