Disposed

Mr v. Kannan v Repco Home Finance Limited

DRT14 Mar 2023SA/189/2022

Case brief

AI extract

What is this about?

In SARFAESI Application No. 189 of 2022, the Debt Recovery Tribunal dismissed the applicant's challenge to the possession notice. The Tribunal accepted the respondent's memo that the loan account was regularized by remitting outstanding EMIs, leading to disposal of the application without costs.

What did the court decide?

SA dismissed without costs. Liberty to respondent to initiate action on future default. Interim stay of stay.

Mr v Kannan versus Repco Home Finance Limited — Banking and Recovery | DRT (2023)

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S.A. 189 of 2022 14.03.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 14^th day of March, 2023

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

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SARFAESI APPLICATION No. 189 of 2022

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Mr.V.Kannan, S/o.Velayutham, No.1, Keeraikkara Street, Udayarpalayam Post, Ariyalur – 621 804. 2. Mrs.K.Durga, W/o.V.Kannan, No.1, Keeraikkara Street, Udayarpalayam Post, Ariyalur – 621 804.

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K.Velayutham, S/o.Kaliaperumal, No.1, Keeraikkara Street, Udayarpalayam Post, Ariyalur – 621 804. .…Applicants Vs. The Authorised Officer Repco Home Finance Limited, No.17-C, First Floor, M.V.M.Complex, Ponnusamy, Aranmanai Street, Ariyalur – 621 704. ….Respondent

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Counsels on record / appeared: Counsel for Applicant : M/s.S.Gajendran. Counsel for Respondents : M/s.A.Ilangovan & B.Rajesh.

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S.A. 189 of 2022 14.03.2023

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ORDER

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This SA is filed challenging the Possession Notice dated 09.03.2022 issued by respondent bank for recovery of a sum of Rs.16,52,539/-.

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Today a memo vide SR No.3251/23 is filed on behalf of respondent institution submitting therein that applicant had regularised the loan account by remitting the outstanding EMIs. In view of the same, respondent institution is withholding their SARFAESI action initiated against the applicant, however with liberty to proceed further in case of any default that may be committed by applicant in future.

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Perused records. Memo filed on behalf of respondent institution is taken on record. In the result, this SA is disposed as account is regularized by applicant, however without costs. Liberty be with respondent to initiate action afresh in case of eventual default by borrower in future. Interim stay, 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 14^th day of March, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

Mr v. Kannan v Repco Home Finance Limited

Case brief

What is this about?

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Mr v. Kannan v Repco Home Finance Limited

Case brief

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