Dismissed

M s Divine Enterprises v. Punjab National Bank

DRT11 Apr 2023SA/504/2022

Case brief

AI extract

What is this about?

This Debts Recovery Tribunal disposed of Sale Application No. 504 of 2022 where applicants challenged a bank sale notice. The Tribunal dismissed the application finding no meritorious infirmities in the bank's procedure, noting the applicants' continued default and lack of compliance with interim conditions.

What did the court decide?

Sale Application dismissed without costs; pending interim orders vacated; other pending IAs closed.

M s Divine Enterprises versus Punjab National Bank — Banking and Recovery | DRT (2023)

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S.A. 504 of 2022 11.04.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 11^th day of April, 2023

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

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SARFAESI APPLICATION No. 504 of 2022

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1. M/s. Divine Enterprises

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Rep. by its Managing Partner Mr.M.A.Murugesan 1-A/1, Quanta Zen Apartments Dr.Thomas 2^nd Street T.Nagar

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Chennai – 600 017

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2. Mr.M.A.Murugesan No.8, Kathiravan Nagar Nehru Street, Kolapakkam Chennai – 600 122

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3. Mr.C.Durai No.26, Sarangapani Street Sholinganallur Chennai – 600 119 ….Applicants Vs. The Authorised Officer Punjab National Bank Circle Sastra Centre, Chennai North No.769, Ground Floor, Spencer Plaza Chennai – 600 002 ….Respondent

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Counsels on record / appeared: Counsel for Applicant : M/s. V.Surya Sankar & R.Lavanya Counsel for Respondent : M/s. G.Jehanathan

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S.A. 504 of 2022 11.04.2023

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ORDER

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This SA is filed challenging the Sale Notice dated 02.11.2022 issued by respondent bank scheduling sale to 08.12.2022 for recovery of a sum of Rs.1,49,60,094/-.

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Heard Ld. Counsel appearing for respondent bank. No representation on behalf of applicants from the last more than two adjournments.

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Ld.Counsel for respondent bank submitted that no sale has taken place for want of bidders and therefore the impugned sale notice has become infructuous.

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Ld.Counsel for respondent bank had filed their counter and typed set of documents evidencing their actions while issuing the impugned sale notice. Ld.Counsel has demonstrated before this Tribunal the procedure adopted by the respondent bank while issuing the impugned sale notice which found to be in accordance to law. IT is also submitted that applicants did not comply with the interim condition and therefore the IAs filed for urgent hearing as well as stay petition were dismissed with costs which were only complied with by applicants. Ld.Counsel submits that applicants continued their default even after approaching this Tribunal and nothing could be realised and therefore prayed for orders in this SA.

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In the circumstances, as applicants could not make out any tenable infirmities in the procedure adopted by the respondent bank while issuing the impugned sale notice dated 02.11.2022 scheduling the sale to 08.12.2022, there are no merits in the present SA and hence the same is liable to be dismissed.

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S.A. 504 of 2022 11.04.2023

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Accordingly 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.

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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

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guidelines.

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(Dictated to Stenographer (DD), transcribed by her, corrected, signed and processed through e-drt, on this the 11^th day of April, 2023)

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

M s Divine Enterprises v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

M s Divine Enterprises v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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