The Debts Recovery Tribunal set aside pending SARFAESI action taken by a bank for recovery of dues after the court-memo noted that a out-of-court settlement agreement had been entered into between the applicant and the bank.
SARFAESI actions of respondent bank set aside; SA disposed as settled out of court without costs.
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. No. 386 of 2023 01.12.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 01st day of December, 2023
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No. 386 of 2023
Mr. Chandrasekaran Sundaravaradan
Flat No. TI, Cindya Enclave, 4th Floor, Door No. 144, Bharatha Madha Streeet, Tambaram – 600 059. ….Applicant
Vs
The Authorized Officer,
M/s. IDFC First Bank Limited, New No. 67, Old No. 32, Ground Floor, Kavignar Bharathidasan Rd., Teynampet, Chennnai – 600 018 ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s. Anbarasi Rajendran Counsel for Respondent : M/s. T.K.M. Sai Krishnan
ORDER
2
S.A. No. 386 of 2023 01.12.2023
13.10.2023 (Copy of Settlement Letter is enclosed). As per the Settlement Agreement, applicant was directed to pay a sum of Rs.50,00,000/- on 31.10.2023 and another Rs.50,00,000/- on 30.11.2023. It is further submitted that applicant had deposited the first limb of the OTS amount of Rs.50 Lakhs to the credit of their loan account. Hence, respondent bank prayed that the SA may be treated as settled out of Court.
(Dictated to Steno (DD), transcribed by her, corrected, signed and processed by me through e-drt, on this the 01st day of December, 2023)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER
1 provisions across 1 enactments
Chandrasekaran Sundaravaradan
The Authorized Officer, M/s. IDFC First Bank Limited
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
