G Kalaiarasi v. Axis Bank
Case brief
What is this about?
This tribunal dismissed an application under Section 14 of the SARFAESI Act filed by a borrower challenging recovery measures. Finding no procedural infirmities, the court allowed time for settlement until 15.04.2023. Interventions were vacated.
What did the court decide?
SA dismissed without costs; applicant allowed to approach bank for settlement by 15.04.2023; prior interim orders vacated.
What the court decided
1
S.A. 222 of 2022 13.03.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 13th day of March, 2023
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No. 222 of 2022
Mrs.G.Kalaiarasi No.2/217B, Main Road, Karuveli Kidangal, Mamakudi (Post) Tharangampadi Taluk Nagapattinam – 609 301. .…Applicant Vs.
The Authorised Officer Axis Bank Limited, Loan Centre, 4th Floor, Arcot Plaza, Old No.38, New No.165, Arcot Road, Kodambakkam, Chennai – 600 024. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s.G.Sanjeevi. Counsel for Respondents : M/s.T.K.M. Sai Krishnan.
Issues for consideration
2 issues framed by the court
Whether the SARFAESI Application filed challenging measures under Section 14 of the Act should be allowed in absence of any infirmities in the procedure.
Whether the applicant is granted time to approach the bank for a negotiated settlement.
Parties & counsel
- applicant
Mrs. G. Kalaiarasi
- respondent
The Authorised Officer Axis Bank Limited
Coram
Ganapathi K.R.K.
Case details
As recorded by the court registry
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