Dismissed

Mrs Suba Ravikumar v. Axis Bank

DRT16 Feb 2023SA/345/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal dismissed the Special Appeal challenging Section 14 recovery measures. Finding no procedural infirmities, the court upheld the bank's actions but granted liberty to approach the bank for a negotiated settlement.

What did the court decide?

SARFAESI Application dismissed without costs. Liberty granted to applicant to approach the bank for a negotiated settlement of the loan account by 31.03.2023.

Mrs Suba Ravikumar versus Axis Bank — Company and Corporate | DRT (2023)

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S.A. No.345 of 2022 16.02.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 16^th day of February, 2023

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

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SARFAESI APPLICATION No. 345 of 2022

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Mrs.Suba Ravikumar

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D/o A.T.Bagavathsingh Proprietor of M/s.Muthiah Enterprises No.41, Teachers Colony Indira Nagar, Adyar Chennai – 600 020 ….Applicant

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Vs.

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The Authorised Officer

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M/s.Axis Bank Ltd Retail Assets Centre 4^th Floor, Arcot Plaza New No.38, Old No.165, Arcot Road Kodambakkam Chennai – 600 024 ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. G.Sanjeevi & G.Sharmila Counsel for Respondent : M/s. T.K.M.Sai Krishnan & S.Sharmila Devi

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ORDER

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This SA is filed challenging the measures initiated by respondent bank under

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Section 14 of SARFASEI Act pursuant to order of Ld. Chief Judicial Magistrate, Chengalpattu in C.M.P. No.10897 of 2021 dated 16.06.2022 for recovery of a sum of Rs.41,57,000/-.

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

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of documents evidencing the action taken by them under the Act.

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S.A. No.345 of 2022 16.02.2023

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Heard Ld. Counsels appearing for the respective parties. Ld. Counsel for applicant submitted that applicant had complied with the conditional order imposed by this Tribunal and that she is sincerely making attempts to settle the loan account. Ld. Counsel for applicant fairly admitted that there are no infirmities in the procedure adopted by respondent bank while initiating action under Section 14 of the Act. Submitting so, Ld. Counsel prayed for passing necessary order and also prayed time for approaching respondent bank for a negotiated settlement.

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Ld. Counsel for respondent bank submitted that there are no infirmities in the procedure adopted by respondent bank and that counter and typed set of documents is filed evidencing the measures taken by them and prayed for necessary orders.

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As applicant could not make out any tenable infirmities in the procedure adopted by the respondent while initiating action under Section 14 of the Act, this SA is liable to be dismissed.

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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 is 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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S.A. No.345 of 2022 16.02.2023

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A copy of the order be communicated to the parties concerned as per extant

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guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 16^th day of February, 2023)

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

Mrs Suba Ravikumar v. Axis Bank

Case brief

What is this about?

What did the court decide?

Mrs Suba Ravikumar v. Axis Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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