Disposed

I Kumari v. Edelweiss Asset Reconstruction Company Limited

DRT8 Aug 2023SA/29/2023

Case brief

AI extract

What is this about?

In CH-3, this SARFAESI application challenging measures under Section 14 of the SARFAESI Act was disposed of as infructuous. The Court accepted that the applicant had settled the loan account with the respondent ARC under an OTP during the pendency of the proceedings, rendering the recovery measures no longer applicable.

What did the court decide?

The SARFAESI Application is disposed of as infructuous due to the settlement of the loan account by the borrower. Interim orders are vacated.

I Kumari versus Edelweiss Asset Reconstruction… — Contract and Commercial Disputes | DRT (2023)

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S.A. 29 of 2023 08.08.2023

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IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI

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Dated this the 08^th day of August, 2023

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

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SARFAESI APPLICATION No. 29 of 2023

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Mrs.I.Kumari

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W/o Late Indrakumar No.10, Sivan Koil Street Madampakkam Chennai – 600 126 ….Applicant

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Vs.

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The Authorised Officer

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M/s Edelweiss Asset Reconstruction Company Limited Registered Office at: Edelweiss House 1^st Floor, Off CST Road Kalina Mumbai – 400 098 ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. C.P.R.Kamaraj, P.Murugan & V.Karpagavalli Counsel for Respondent : M/s. V.Balasubramani & V.Vadivelan

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ORDER

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This SA is filed challenging the measures initiated by respondent ARC under Section 14 of SARFAESI Act before Ld. CJM, Chengalpatu in Crl.M.P. No.6266/2022 dated 22.08.2022, for recovery of a sum of Rs.79,01,978.52/-.

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Heard Ld.counsels appearing for both the parties. A memo is filed by applicant

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vide SR No.9788/23 dated 28.07.2023, before the registry, submitting therein that

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S.A. 29 of 2023 08.08.2023

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during the pendency of the SA, applicant had approached respondent ARC and settled the loan account under OTS (copy of OTS letter dated 07.07.2023 is enclosed) and hence the present SA challenging the measures initiated by respondent has become infructuous. Thus submitting, Ld.counsel prayed for passing necessary orders. Ld. counsel for respondent also conceded to the same and submitted that the present SA has become infructuous.

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Copy of memo is served to Ld.counsel for respondent. Memo filed on behalf of applicant is taken on record.

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In the result, this SA is disposed, in view of settlement of account by borrower, however without costs. 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 Stenographer (DD), transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 08^th day of August, 2023)

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Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER

I Kumari v. Edelweiss Asset Reconstruction Company Limited

Case brief

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I Kumari v. Edelweiss Asset Reconstruction Company Limited

Case brief

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