Allowed

Moises Lawrence v. Indian Overseas Bank

DRT9 Dec 2022SA/375/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant's application challenging a possession notice. It set aside demand and possession notices issued for loan recovery due to the bank's failure to register the mortgage with CERSAI, directing restoration of possession and withdrawal of incurred expenses.

What did the court decide?

Demand and possession notices set aside; possession restored to mortgagor; bank directed not to debit SARFAESI expenses.

Moises Lawrence versus Indian Overseas Bank — Banking and Recovery | DRT (2022)

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S.A. No.375/2022 09.12.2022

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 09^th day of December, 2022

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

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SARFAESI APPLICATION No.375 of 2022

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Moies Lawrances H, S/o. Henry Lawrance, No.109 D, Bazar Street, Uthiramerur, Kancheepuram – 603 406. ….Applicant

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Vs.

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The Authorised Officer, Indian Overseas Bank, Uthiramerur Branch No.10, Perumal Sannathi Street, Uthiramerur – 603 406. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s.J. Prince Counsel for Respondent : Sh. M. Mani.

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ORDER

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This SA is filed challenging the Possession Notice dated 29.07.2022 issued by

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respondent bank for recovery of a sum of Rs.20,85,512/-.

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Respondent bank entered appearance and had filed a memo before the Registry

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vide SR No.13575 dated 08.12.2022 seeking permission to withdraw the Demand Notice dated 10.05.2022 and Possession Notice dated 29.07.2022 as respondent bank had not registered the mortgage of the secured assets with CERSAI before initiation of SARFAESI action against the secured assets. Hence respondent bank sought

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S.A. No.375/2022 09.12.2022

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permission for withdrawing the statutory notices with liberty to initiate SARFAESI action after curing the defects.

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Copy of memo is duly served to Ld. counsel appearing for applicant.

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Perused records. Memo filed on behalf of respondent bank is taken on file. In the result, SA is allowed setting aside the Demand Notice dated 10.05.2022 and Possession Notice dated 29.07.2022. Consequently, Possession is restored to the mortgagor. Respondent bank is directed not to debit their SARFAESI actions expenses to the borrower’s loan account in view of the above said infirmity. However, respondent bank is at liberty to initiate action afresh 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 processed through E-drt on this the 09^th day of December, 2022)

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Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER

Moises Lawrence v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Moises Lawrence v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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