Dismissed

V Balu v. The Authourised Officer Ms Fullerton India Home Finance Company Ltd.

DRT16 Aug 2023SA/506/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal dismissed the SARFAESI application challenging possession measures under Section 14 of the Act, finding no infirmities in the procedure, with liberty to settle the loan account by a specified date. Quality: thin.

What did the court decide?

SARFAESI Application dismissed without costs; liberty to settle loan account granted.

V Balu versus The Authourised Officer Ms Fullerton India Home… — Banking and Recovery | DRT (2023)

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S.A. 506 of 2022 16.08.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 16^th day of August, 2023

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

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SARFAESI APPLICATION No. 506 of 2022

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Mr.V.Balu S/o Mr.Veeran No.62/30, 1^st Floor Theyagappa Street, Korukkupet Chennai – 600 021 ….Applicant

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Vs.

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The Authorised Officer

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Fullerton India Home Finance Company Limited Megha Towers, 1^st , 2^nd & 3^rd Floor Old No.307, New No.165 Poonamallee High Road Maduravoyal Chennai – 600 095 ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. G.Sanjeevi & D.Jayakumar Counsel for Respondent : M/s. V.Balasubramani

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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, Chengalpattu in Crl.M.P. No. 7362 of 2022 dated 18.08.2022 for recovery of a sum of Rs.85,09,551.11p

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Heard Ld. counsels appearing for the respective parties. Ld. counsel for applicant submitted that applicant is ready and willing to approach respondent for a negotiated settlement and prayed time for settling the loan account.

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S.A. 506 of 2022 16.08.2023

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Ld. counsel for respondent institution submitted that respondent had followed the procedures as contemplated under the Act which is evidenced through the typed set of documents filed along with counter and prayed for passing necessary orders.

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In the circumstances, as respondent institution has demonstrated its actions while seeking assistance from Ld.CJM for taking physical delivery of possession of the property through their counter and typed set of documents, which are found to be in accordance to law and that applicant could not make out any infirmities in the procedure adopted, calling for interference by this Tribunal, there are no merits in the present SA and the same is liable to be dismissed.

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Accordingly, this SA is 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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Applicants are at liberty to approach respondent bank and settle the loan account

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by or before 15.09.2023. Respondent institution will be at liberty to proceed further in accordance to law, if the default of the borrower continues beyond 15.09.2023.

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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 Steno (DD), transcribed by her, corrected, signed and pronounced by me in open court, on this the 16^th day of August, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

V Balu v. The Authourised Officer Ms Fullerton India Home Finance Company Ltd.

Case brief

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What did the court decide?

V Balu v. The Authourised Officer Ms Fullerton India Home Finance Company Ltd.

Case brief

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What the court decided

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