Allowed

Sri Padma balaji Transport v. Canara Bank

DRT20 Jun 2023SA/168/2023

Case brief

AI extract

What is this about?

The SARFAESI Tribunal allowed the application filed by M/s.Sri Padma Balaji Transport against the Sale Notice issued by Canara Bank. The Sale Notice dated 16.02.2023 was set aside, and the applicant was relieved of debiting sale notice expenses, with liberty to the bank to proceed further if default persists.

What did the court decide?

The Sale Notice dated 16.02.2023 was set aside; respondent bank directed not to debit sale notice expenses to borrower's loan account; liberty granted to proceed further if default continues.

Sri Padma balaji Transport versus Canara Bank — Banking and Recovery | DRT (2023)

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S.A.168 of 2023 20.06.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 20^th day of June, 2023

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

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SARFAESI APPLICATION No. 168 of 2023

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M/s.Sri Padma Balaji Transport, Rep. by its Prop.: Mr.M.Subramani, Old No.30C/4, New No.10/1, 2^nd Street, Ayyapillaithottam, Chennai – 600 019.

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Mr.M.Subramani, No.10, Ayyapillai Garden 1^st Street, Kaladipet, Tiruvottiyur, Chennai – 600 019.

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Mr.Rohit, S/o.M.Subramani, No.4/24G, Ayyapillai Garden 1^st Street, Kaladipet, Tiruvottiyur, Chennai – 600 019. ….Applicants Vs. The Authorised Officer, Canara Bank, Chennai Thiruvottiyur Branch, No.85-A, T.H.Road, Thiruvottiyur, Chennai – 600 019. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s.M.Dharani Dharan. Counsel for Respondent : M/s.E.Akshai Mani.

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ORDER

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This SA is filed challenging the Sale Notice dated 16.02.2023 issued by

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respondent bank, scheduling sale to 27.03.2023 for recovery of a sum of Rs.61,36,946.60p from applicants.

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S.A.168 of 2023 20.06.2023

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A memo vide SR No.7478/23 dated 17.06.2023 is filed on behalf of respondent bank submitting therein that respondent bank may be permitted to withdraw the subject impugned sale notice with liberty to proceed further in accordance to law.

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

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Perused records. Memo filed on behalf of respondent bank is taken on file.

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In the result, this SA is allowed, however without costs. Sale Notice 16.02.2023 is hereby set aside. Respondent bank is directed not to debit the sale notice expenses to the borrower’s loan account. However, liberty be with respondent proceed further in accordance to law, if the default of the borrower continues.

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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 observations, 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 20^th day of June, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

Sri Padma balaji Transport v. Canara Bank

Case brief

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Sri Padma balaji Transport v. Canara Bank

Case brief

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