Allowed
M Murugan Proprietor Pathmavathy Traders v. Indian Bank
DRTSA/167/2023
Case brief
AI extract
What is this about?
The Debt Recovery Tribunal allowed a SARFAESI application challenging an auction sale notice. The respondent bank conceded failure to serve mandatory possession and sale notices. Consequently, the court set aside the notices, restored possession, and prohibited debiting associated expenses, though liberty was granted to proceed with recovery under law if default continues.
What did the court decide?
Sale notice and possession notice set aside; possession restored to mortgagor; bank directed not to debit notices expenses to borrower's account; liberty granted to bank to proceed further.