Disposed

M s Psa Educational And Charitable Trust v. South Indian Bank

DRT11 Jul 2023SA/437/2022

Case brief

AI extract

What is this about?

This Debts Recovery Tribunal disposed of a SARFAESI application challenging recovery measures under Section 14 because the borrower settled the loan account and remitted partial payment during the pendency of the proceedings, rendering the application infructuous.

What did the court decide?

Application disposed of without costs; interim orders vacated; other pending IAs closed.

M s Psa Educational And Charitable Trust versus South Indian… — Banking and Recovery | DRT (2023)

S.A No.437 of 2022

11.07.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 11^th day of July, 2023

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

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SARFAESI APPLICATION No. 437 of 2022

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M/s. PSA Educational and Charitable Trust, Rep. by its Managing Trustee Mr. P. Shanmugavadivel, No. 10/18, 2^nd Cross, Appavoo Nagar, Dharmapuri – 636 701.

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P. Shanmugavadivel, S/o Ponnusamy, No. 10/18, 2^nd Cross, Appavoo Nagar, Dharmapuri – 636 701.

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S. Shanthi W/o M. Shanmugam, No.5/1310, NSC Bose Street, Ellakkiyampatti, Dharmapuri – 636 705.

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P. Shivagami W/o Ponnusamy, 338, Chaloor Village, Pappireddipatti Taluk, Dharmapuri District.

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S. Kanimozhi, S/o P.Shanmugavadivel, No.10/18, 2^nd Cross, Appavoo Nagar, Dharmapuri – 636 701.

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E. Padmavathi, W/o. S. Sethubaskaran, No.5, T. Ramasamy Street, Walajepet, Vellore District.

S.A No.437 of 2022

11.07.2023

N. Padmavathi, W/o. Senthilkumar, No.4/5, Vedantham Street, Sanatorium, Tambaram, North Chennai – 600 047.

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S. Manjula, W/o. Rajesh, D.NO. M-300, TNHB, Jothi Nagar, Arakonam, Vellore District – 631 003. ….Applicants Vs. South Indian Bank Limited Rep. by its Authorised Officer, Nethaji Bypass, Dharmapuri – 636 701. ….Respondent

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Counsels on record / appeared: Counsel for Applicant : M/s. R. Ashraf Khan Counsel for Respondent : M/s. M. L. Ganesh

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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 SARFAESI Act before Ld. CJM, Dharmapuri in Crl.M.P. No.6476/2022 dated 09.09.2022, for recovery of a sum of Rs.1,63,82,282/-.

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A memo vide SR No.8683/23 is filed on behalf of respondent bank, after serving copy of the same to other side by E-mail, submitting therein that during the pendency of SA, borrower had settled the loan account under OTS and had remitted a sum of Rs.179 lakhs towards full and final settlement on 05.07.2023. Hence the present SA challenging the measures initiated by respondent has become infructuous. Thus submitting, Ld. counsel prayed for passing necessary orders.

S.A No.437 of 2022

11.07.2023

In the result, this SA is disposed, in view of settlement of account by borrower, however without costs. Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed.

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With the above observations, this SA stands disposed.

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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 11^th day of July, 2023)

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

M s Psa Educational And Charitable Trust v. South Indian Bank

Case brief

What is this about?

What did the court decide?

M s Psa Educational And Charitable Trust v. South Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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