The Debts Recovery Tribunal disposed of the SARFAESI application as settled out of court after the applicant offered to close the loan account and the respondent bank accepted the settlement terms including partial repayment.
SARFAESI application disposed as settled out of court; interim orders vacated and other IAs closed.
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.
1
S.A. 319 of 2022 13.02.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 13th day of February, 2023
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No. 319 of 2022
No.8A, Karaiyan Pillaiyar Koil South Lane Nagapattinam- 610 101.
S/o.Late S.Thangamani No.8A, Karaiyan Pillaiyar Koil South Lane Nagapattinam- 610 101. …Applicants
Vs.
The Authorised Officer Indian Overseas Bank, Nagapattinam Branch T.S. 1817, Neela South Street Nagapattinam – 611 001. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s. S.Giritharan. Counsel for Respondent : M/s. V.Rajeswari.
ORDER
pendency of SA, applicant had approached respondent bank and offered to close the
2
S.A. 319 of 2022 13.02.2023
loan account for a sum of Rs.87 lakhs, which was accepted by respondent bank and accordingly had remitted upfront amount of Rs.10 lakhs on 17.10.2022 and the balance amount of Rs.77 lakhs on 31.01.2023, apart from Rs.26,67,000/- on 25.07.2022 in compliance of conditional order dated 14.07.2022 passed in above SA and another sum of Rs.7,21,000/- was remitted on 14.12.2022 towards closure of all loan accounts covered in the above SA. It is submitted that respondent bank has also issued a letter dated 13.02.2023 to that effect, copy of which is enclosed along with memo.
guidelines.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 13th day of February, 2023)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER
1 provisions across 1 enactments
Mr.S.Anandan
T.Kavin
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
