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D Nagesh Rao versus Central Bank of India — Banking and Recovery | DRT (2023)

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DRT
2023
D Nagesh Rao versus Central Bank of IndiaD Nagesh Rao v. Central Bank of India

Dismissed

D Nagesh Rao v. Central Bank of India

DRT7 Dec 2023SA/434/2022

Case brief

AI extract

What is this about?

Application challenging possession notice under SARFAESI Act dismissed as withdrawn without costs; pending interim orders vacated.

What the court decided

AI extract

A

1

S.A. No. 434 of 2022 07.12.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

Dated this the 07^th day of December, 2023

Present: ShriGanapathi K.R.K. Presiding Officer

SARFAESI APPLICATION No. 434 of 2023

Sh. D. Nagesh Rao Partner of M/s Cousins Car Care No.45/19, Flat E1, Nagathamman Flats Nagathaman Koil Street, West Mambalam Chennai – 600 033

….Applicant

Vs

Central Bank of India Rep. by its Authorised Officer Addison Building Branch 803, Anna Salai, Chennai – 600 002 ….Respondent

Counsels on record / appeared:

Counsel for Applicant : M/s. S. Rajesh Counsel for Respondent : M/s K. Nazir Ahmed

Parties & counsel

AI extract

applicant
Sh. D. Nagesh Rao
respondent
Central Bank of India

Coram

AI extract

Ganapathi K.R.K.

Case details

As recorded by the court registry

Court: DRT
Decided on: 7 Dec 2023 · December
Case no.: SA/434/2022
CNR: 330330011322022

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Cite this judgement

D Nagesh Rao v. Central Bank of India, SA/434/2022 (DRT), decided on 7 December 2023.

The Debt Recovery Tribunals publishes no neutral citation for this judgement — cite it by case number and date of decision.

Bench / Coram

Ganapathi K.R.K.

Parties & counsel

Outcome

Dismissed

Detailed headnote1 paragraphs

The Debts Recovery Tribunal dismissed the SARFAESI Application which challenged a possession notice after the Applicant withdrew the suit without costs. The Tribunal vacated any interim orders subsisting and closed all pending Interim Applications.

A compact analysis

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.

ORDER

This SA is filed challenging the possession notice dated 22.09.2022 for recovery

of a sum of Rs. 35,26,014/-.

Ld. counsel appearing for applicant submitted that as the CC account is closed

and Term Loan account is regularised presently, the loan account is out of NPA status and hence prayed that the SA may be disposed and closed. Ld. Counsel also made an endorsement to that effect in SA paper book.

Heard. In the result, SA is dismissed withdrawn, however without costs. Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed.

2

S.A. No. 434 of 2022 07.12.2023

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

guidelines.

(Dictated to PS, transcribed by her, corrected, signed and pronounced in open Court on this the 07^th day of December, 2023)

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

Topic

Banking and Recovery

Bench

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