This SARFAESI application challenging a possession notice was dismissed. The Tribunal permitted the applicant six months to discharge debt, noting the bank could not regularize an RBI-NPA account and retained liberty to proceed if default continued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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S.A.293 of 2023 06.06.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 06th day of June, 2023
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No. 293 of 2022
R.S.Suresh Kumar, S/o.Mr.R.Sugumaran, No.22, M.G.Road, Pattabiram, Chennai – 600 072. ….Applicant
Vs.
The Authorised Officer, Indian Overseas Bank, Sembakkam Selaiyur Branch, No.11, Ganesh Nagar, Velachery Main Road, Selaiyur, Chennai – 600 073. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s.S.Pradeepan. Counsel for Respondent : M/s.N.K.S.Rukmangathan.
ORDER
respondent bank, for recovery of a sum of Rs.24,08,604/-.
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S.A.293 of 2023 06.06.2023
since more than 50% of the impugned possession notice amount has been deposited with the respondent bank, they intend to approach respondent bank and seek regularization thereof, so as to enable them to discharge his debt in accordance to contractual obligations. Today a memo came to be filed on behalf of applicant submitting the above submissions and seeking one more opportunity to approach the respondent bank for an amicable settlement and discharge of his debt.
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S.A.293 of 2023 06.06.2023
consider regularization of borrower’s loan account in view of RBI declaring the account as NPA.
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S.A.293 of 2023 06.06.2023
accounts by or before 31.07.2023 and seek extension of time for another account only beyond 31.07.2023.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 06th day of June, 2023)
Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER
2 issues framed by the court
Whether the Applicant can be granted time to regularize loan accounts pending with the Bank.
Whether the Recovery Tribunal has any infirmities in the measures taken by the Bank under SARFAESI.
R.S. Suresh Kumar
The Authorised Officer, Indian Overseas Bank
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
