Allowed

C Shameer v. Shriram City Union Finance Limited

DRT22 Nov 2023SA/588/2023

Case brief

AI extract

What is this about?

DRT allowed a SARFAESI application filed by a third party tenant challenging measures under Section 14 of the SARFAESI Act, permitting vacation of a pledged property by February 15, 2024, with liberty to the creditor to proceed if vacant possession is not handed over.

What did the court decide?

Applicant permitted to vacate premises by or before 15.02.2024 and hand over vacant physical possession to the first respondent.

C Shameer versus Shriram City Union Finance Limited — Banking and Recovery | DRT (2023)

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S.A.588 of 2023 22.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 22^nd day of November, 2023

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

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SARFAESI APPLICATION No. 588 of 2023

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Mr.C.Shameer

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S/o. Moideenkutty, CC House, Kondotty, Kondotty Post, Malappuram District, Kerala – 635 637

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…. Applicant

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1. M/s. Shriram City Union Finance Limited

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Rep. by its Authorized Officer cum Asst. Vice President – Legal

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No. 123, Angappa Naicken Street,

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Chennai – 600 001.

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2. T. Selvamani

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W/o. Late G. Thangavelu Nadar, Old No. A70, New No. 44A, Thirumalai Nagar Avenue, 1^st Main Road, Perungudi, Chennai – 600 096. ….Respondents

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Counsels on record / appeared:

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Counsel for Applicant : M/s. B. Thilak Narayanan Counsel for respondent : M/s. Sri & Shankar Associates

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ORDER

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This SA is filed by third party tenant, challenging the measures initiated by first

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respondent under Section 14 of SARFAESI Act before Ld.CJM, Chengalpattu in Crl.M.P. No. 5196 of 2023 dated 08.09.2023, for recovery of a sum of Rs.2,96,23,206/-.

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S.A.588 of 2023 22.11.2023

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Affidavit of applicant vide DR.No.8588/2023 is filed by Ld. counsel for applicant submitting therein that applicant undertakes to vacate the SA schedule property within 90 days i.e., by or before 15.02.2024 and hand over vacant possession of the property to the 1^st respondent, failing which 1^st respondent may proceed further in accordance to law. It is also submitted that if applicant identifies any suitable place to set up his hotel even earlier to the said date, applicant will immediately vacate the premises and surrender vacant possession of the property to 1^st respondent. Thus submitting, prayed for passing necessary orders.

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Whereas Ld.Counsel for 1^st respondent submitted that 1^st respondent has no objection to maintain status quo until 15.02.2024 or until the date on which the applicant shall hand over vacant possession of the secured asset to the 1^st respondent prior to the said date i.e.,15.02.2024. It is further submitted that in case of failure to comply with the undertaking made by applicant by or before 15.02.2024, 1^st respondent be given liberty to proceed with their SARFAESI proceedings in accordance to law. Ld.Counsel for 1^st respondent made an endorsement to that effect in the affidavit of applicant.

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Affidavit filed on behalf of applicant is taken on file. As applicant himself had undertaken to vacate the premises by or before 15.02.2024, nothing survives for adjudication in this SA, as it is by a third party tenant.

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In the result, this SA is allowed, however without costs. Applicant is permitted to vacate the premises by or before 15.02.2024 and hand over vacant physical possession to first respondent. Liberty be with first respondent to proceed further in accordance to

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S.A.588 of 2023 22.11.2023

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law beyond 15.02.2024, if vacant possession is not handed over to them by applicant by

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that date, in terms of his undertaking affidavit filed before this Tribunal.

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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 Steno (DD), transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 22^nd day of November, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

C Shameer v. Shriram City Union Finance Limited

Case brief

What is this about?

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C Shameer v. Shriram City Union Finance Limited

Case brief

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What did the court decide?

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