Remanded

Pullarapakkam Namachivaya Thirunavukkarasu Chandru v. lic housing finance limited

DRT25 Apr 2023SA/474/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed SARFAESI Application No. 474 of 2022. The Tribunal permitted the borrowing time for recovery operations beyond June 30, 2023, while restricting the applicant to a settlement process only regarding specific schedule properties.

What did the court decide?

Borrowing time extended to 30.06.2023; applicant restricted to settlement process regarding schedule property; respondent liberty to proceed with other properties.

Pullarapakkam Namachivaya Thirunavukkarasu Chandru versus lic… — Banking and Recovery | DRT (2023)

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S.A.474 of 2022 25.04.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 25^th day of April, 2023

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Present: Shri Ganapathi K.R.K.

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Presiding Officer

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SARFAESI APPLICATION No. 474 of 2022

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Mr.Pullarapakkam Namachivaya Thirunavukkarasu Chandru, S/o.P N Thirunavukarasu, No.3/514, 3^rd Block, Mugappair East, Chennai – 600 037. ….Applicant

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Vs.

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M/s.LIC Housing Finance Limited, Rep. by its Authorised Officer, Block No.C, Harrington Chambers, No.30/1A, Abdul Razak 1^st Street, Saidapet, Chennai – 600 015. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s.R.K.M.Suresh. Counsel for Respondent : M/s.S.Kumaraswamy.

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ORDER

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

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Section 14 of SARFAESI Act before Ld. Chief Metropolitan Magistrate at Egmore, Crl.M.P. No. 4645 of 2019 dated 05.12.2019 for recovery of a sum of Rs.20,62,72,518.56p.

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Heard Ld. counsels appearing for respective parties. In view of the affidavit filed

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on behalf of applicant and copy served to the other side, respondent institution will be

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S.A.474 of 2022 25.04.2023

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entitled to proceed further in accordance to law beyond 30.06.2023, while applicant will be permitted to enter into settlement process only with regard to the SA schedule mentioned property, if advised to do so. Liberty be with respondent institution to proceed further in accordance to law with regard to all other mortgaged properties including the tenanted premises.

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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 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 25^th day of April, 2023)

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

Pullarapakkam Namachivaya Thirunavukkarasu Chandru v. lic housing finance limited

Case brief

What is this about?

What did the court decide?

Pullarapakkam Namachivaya Thirunavukkarasu Chandru v. lic housing finance limited

Case brief

What is this about?

What did the court decide?

What the court decided

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