Dismissed

Cdp Sign Solution Pvt. Ltd. v. State Bank of India

DRT22 Feb 2023SA/236/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Chennai dismissed the Securitisation Application challenging a possession notice issued by State Bank of India. Noting a credible suggestion for negotiation, the court dismissed the case without costs and directed parties to settle the dues by 31.03.2023.

What did the court decide?

The SA stands dismissed; Applicant to settle dues with the respondent bank by 31.03.2023.

Cdp Sign Solution Pvt. Ltd. versus State Bank of India — Specific Performance | DRT (2023)

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S.A. 236 of 2022 22.02.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 22^nd day of February, 2023

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

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SARFAESI APPLICATION No. 236 of 2022

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M/s. CDP Sign Solutions Private Limited Rep. by its Managing Director Mr.K.Neela Murali No.43/1, Paddy Field Road, Perambur, Chennai – 600 011.

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Also at

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M/s. CDP Sign Solutions Private Limited No.73, Sivaprakasam Nagar, Surapet, Chennai – 600 066.

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Also at

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M/s. CDP Sign Solutions Private Limited No.1, Triplicane High Road, Triplicane, Chennai – 600 005.

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Mr.Neelamurali S/o. Mr.Krishnan C-39, 4^th Street, Jawahar Nagar, Periyar Nagar, Chennai – 600 082.

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Mrs.Ruba

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W/o. Mr.Senthilkumar E-47, 15^th Main Road, 2^nd Cross Street, Periyar Nagar, Chennai – 600 082.

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M/s. Chennai Digital Print Advertising Private Limited Rep. by its Director K.Senthilkumar No.43/1, Paddy Field Road, Perambur, Chennai – 600 011. …Applicants

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S.A. 236 of 2022 22.02.2023

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Vs.

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State Bank of India SME Anna salai Branch No.556, Jeevan Anand Building 2^nd Floor, Anna salai, Teynampet, Chennai – 600 018 Rep. by its Authorised Officer. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. G. Desingu. Counsel for Respondent : M/s. M.L. Ganesh.

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ORDER

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This SA is filed challenging the Possession Notice dated 22.04.2022 issued by

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respondent bank for recovery of a sum of Rs.1,41,68,771/-.

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Respondent bank had entered appearance and filed counter and typed set of

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documents evidencing the action taken by them under the Act.

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Heard Ld. counsels appearing for the respective parties. Ld. counsel for applicant submitted that parties are sincerely approaching respondent bank for negotiated settlement and the matter is likely to get settled. Ld. counsel for applicant further submitted that there are no infirmities in the procedure adopted by the respondent bank while prayed time for settling their dues.

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As applicant could not make out any tenable infirmities in the procedure adopted

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by the respondent bank while issuing the subject impugned possession notice, this SA is liable to be dismissed.

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S.A. 236 of 2022 22.02.2023

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Accordingly, this SA stands dismissed, however without costs. Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed. Applicant is at liberty to approach respondent bank for a negotiated settlement and settle the loan account by or before 31.03.2023, failing which respondent bank will be at liberty to proceed further in accordance to law, if the default of borrower continues beyond 31.03.2023.

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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 22^nd day of February, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

Cdp Sign Solution Pvt. Ltd. v. State Bank of India

Case brief

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Cdp Sign Solution Pvt. Ltd. v. State Bank of India

Case brief

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