The Tribunal allowed the SARFAESI application challenging a sale notice issued by the respondent bank. The sale notice was set aside due to legal infirmities, and further SARFAESI measures were permitted only if the borrower's default continued.
Sale notice dated 09.12.2022 set aside. Bank directed not to debit sale notice expenses.
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.561 of 2022 01.05.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 01st day of May, 2023
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No. 561 of 2022
T.N.Sirajudeen, S/o.Mr.T.S Naina Mohamed, No.18/3, Samad School Street, Kaja Nagar, Trichy – 620 020. ….Applicant
Vs. The Authorised Officer, Punjab National Bank, Circle Sastra Centre, 769, 2nd Floor, Spencer Plaza, Anna Salai, Chennai – 600 002. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s.V.Jayachandran Counsel for Respondent : M/s.M.L.Ganesh.
ORDER
bank may be permitted to withdraw the sale notice as the same suffers from legal infirmities, with liberty to proceed further in accordance to law. Ld. counsel for respondent bank also made an endorsement to that effect in SA paper book.
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S.A.561 of 2022 01.05.2023
guidelines.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 01st day of May, 2023)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER
2 issues framed by the court
Whether the sale notice issued by the bank for recovery of dues suffers from legal infirmities.
Whether the sale notice expenses should be debited to the borrower's loan account in the absence of further orders.
1 provisions across 1 enactments
T.N. Sirajudeen
The Authorised Officer, Punjab National Bank
Ganapathi K.R.K.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
