Dismissed

A Elumalai v. Vistaar Financial Services Pvt. Ltd.

DRT27 Mar 2023SA/407/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal Chennai dismissed the SARFAESI application challenging recovery measures under Section 14 of the SARFAESI Act. Finding no infirmities in the bank's procedure, the court allowed the respondent to proceed but granted a deadline of May 15, 2023, for an amicable settlement.

What did the court decide?

SARFAESI application dismissed; interim orders vacated; Applicant granted liberty to settle account by May 15, 2023, failing which respondent may proceed.

A Elumalai versus Vistaar Financial Services Pvt… — Contract and Commercial Disputes | DRT (2023)

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S.A.407 of 2022 27.03.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 27^th day of March, 2023

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

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SARFAESI APPLICATION No. 407 of 2022

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Sh. A.Elumalai, S/o.Arumugam, No.7, Vaigunda Perumal Koil Street, Uthiramerur, Kancheepuram, Tamil Nadu – 603 406. ….Applicant

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Vs.

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M/s.Vistaar Financial Services Pvt. Ltd., No.18, Mounasamy Madam Street, Venkatapuram, Ambattur (OT) Chennai – 600 053. Rep. by its Authorized Officer ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s.S.Anuradha Balaji Counsel for Respondent : M/s.L.Thiyagaiya.

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ORDER

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This SA is filed challenging the measures initiated by respondent institution under Section 14 of SARFAESI Act before Ld. CJM, Chengalpet, in CMP No.5760 of 2022 dated 18.07.2022, for recovery of a sum of Rs.48,28,142/-.

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Heard Ld. Counsels appearing for the respective parties. Ld. Counsel for applicant submitted that applicant is making sincere efforts to settle the loan account amicably with respondent institution, as the subject property is a dwelling house and prayed for passing necessary orders granting time for settlement.

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S.A.407 of 2022 27.03.2023

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As applicant could not make out any tenable infirmities in the procedure adopted by the respondent bank, 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 institution for a negotiated settlement and settle the loan account by or before 15.05.2023, failing which respondent will be at liberty to proceed further in accordance to law, if the default of borrower continues beyond 15.05.2023.

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With the above directions, 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 PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 27^th day of March, 2023)

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Sd/-

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(GANAPATHI K.R.K)

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PRESIDING OFFICER

A Elumalai v. Vistaar Financial Services Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

A Elumalai v. Vistaar Financial Services Pvt. Ltd.

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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