The Tribunal dismissed a SARFAESI application challenging Section 14 recovery measures because the applicant conceded no procedural flaws existed in the bank's action, though liberty was granted for settlement negotiations.
SARFAESI application dismissed; applicants granted liberty to approach the bank for a negotiated settlement by 31.01.2023.
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.
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SA. No.389/2022 06.12.2022
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 06th day of December, 2022
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No.389 of 2022
Proprietor Mr.E.Merlin Thompson, A-2, 2nd Street, Vasantha Illam, Plot No.56A Sri Devi Nagar, Alapakkam Porur,
Chennai – 600 116.
The Karur Vysya Bank, Represented by its Chief Manager /Authorised Officer, Asset Recovery Branch, 2nd Floor, No.1 Padmavathiyar Road, (Off Peters Road) Gopalapuram, Chennai, Tamil Nadu – 600 086. ….Respondent
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SA. No.389/2022 06.12.2022
Counsels on record / appeared:
Counsel for Applicant : M/s.M.Velmurugan Counsel for Respondent : M/s. A.Arun Babu
ORDER
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SA. No.389/2022 06.12.2022
action beyond 01.02.2023, 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.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the
06th day of December, 2022)
Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER
1 issue framed by the court
Whether a SARFAESI application filed challenging section 14 measures can succeed when the applicant concedes no procedural infirmities exist.
M/s. Swan Agencies
E. Merlin Thompson
Mrs. Aarthi Kannan
Mr. E. Jeba Alexander
The Karur Vysya Bank
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
