In this SARFAESI application, the applicant challenged a possession notice issued for recovery of dues. The court held the applicant failed to show infirmities in the bank's procedure and dismissed the application. An interim order was vacated.
The SARFAESI application was dismissed without costs. An interim order, if any, was vacated.
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.
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S.A.486 of 2022 24.04.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 24th day of April, 2023
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No. 486 of 2022
M/s.Vetrivel Forgings Rep. by its Sole Proprietrix, Mrs.Sabitha Devi, G-48, 49, SIDCO Industrial Estate, Kakkalur, Thiruvallur – 602 003. ….Applicant
Vs.
The Authorised Officer, Union Bank of India, SSI TSK Branch, Plot No.1392, 4th Street, Golden Colony, Anna Nagar (W) Ext., Mugappair Road, Chennai – 600 050. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s.T.P.Prabakaran. Counsel for Respondent : M/s.K.Sarath Babu.
ORDER
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S.A.486 of 2022 24.04.2023
applicant suffered loss in business resulting in classification of loan account as NPA and initiation of SARFAESI measures by respondent. It is the case of applicant that respondent had issued Demand Notice under Section 13(2) of the Act dated 01.07.2022 informing that all the seven loan accounts were classified as NPA 30.04.2022 claiming an outstanding of Rs.9,33,67,897.16p, without considering the last dates of payments made in each loan account. Thereafter, applicant was negotiating with respondent bank for regularization of loan account by accepting payment of defaulted installments. Respondent bank without considering the said request of applicant, had hurriedly issued the subject impugned possession notice without following due process of law.
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S.A.486 of 2022 24.04.2023
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 24th day of April, 2023)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER
1 issue framed by the court
Whether the applicant can make out any tenable infirmities in the procedure adopted by the respondent bank while issuing the impugned possession notice.
1 provisions across 1 enactments
M/s.Vetrivel Forgings Rep. by its Sole Proprietrix, Mrs.Sabitha Devi
The Authorised Officer, Union Bank of India
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
