Allowed

I Kanniah rep by its his Power Agent Ajmir Khan v. Canara Bank

DRT30 Nov 2023SA/279/2023

Case brief

AI extract

What is this about?

In this SARFAESI application, the Tribunal allowed the challenge to the bank's sale notice. Relying on a respondent's memo admitting infirmities and non-conduct of sale, the sale notice dated 09.03.2023 was set aside. The bank was directed not to debit associated expenses and allowed to proceed further if default continues.

What did the court decide?

Sale notice dated 09.03.2023 set aside; bank directed not to debit sale expenses to borrower's account; bank at liberty to proceed further under law.

I Kanniah rep by its his Power Agent Ajmir Khan versus Canara… — Banking and Recovery | DRT (2023)

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SA No. 279 of 2023 30.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 30^th day of November, 2023

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

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SARFAESI APPLICATION No. 279 of 2023

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Mr. I. Kanniah, Rep. by his registered power agent Ajmir Khan No.5/1128-23, Pandian Nagar Yagappa Nagar Extn Madurai – 625 020 ….Applicant -Vs-

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Canara Bank Rep. by its Authorised Officer No.110, General Patters Road Chennai – 600 002 ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s Manoj Sreevalsan Counsel for Respondent : M/s. A. Ameen

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ORDER

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This SA is filed challenging the sale notice dated 09.03.2023 issued by

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respondent bank scheduling sale to 27.03.2023, for recovery of a sum of Rs.3,28,80,520/- together with future interest and costs.

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A memo vide Dy.No.9020/2023 dated 30.11.2023 is filed on behalf of respondent

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bank submitting therein that as sale did not take place on the scheduled date, respondent bank may be permitted to withdraw the sale notice as there are some infirmities in the sale notice.

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

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SA No. 279 of 2023 30.11.2023

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Perused. Memo is taken on record.

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In the result, SA is allowed, however without costs. Sale Notice dated 27.03.2023 is hereby set aside. Respondent bank is directed not to debit subject impugned Sale Notice expenses to the borrower’s loan account. However, respondent bank will be at liberty to 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 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 processed through E-drt, on this the 30^th day of November, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

I Kanniah rep by its his Power Agent Ajmir Khan v. Canara Bank

Case brief

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I Kanniah rep by its his Power Agent Ajmir Khan v. Canara Bank

Case brief

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What the court decided

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