Disposed

State Bank of India v. Kannan

DRT29 Nov 2023TA/1120/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of an outstanding application filed by State Bank of India for recovery of funds as settled out of court, following partial sale of mortgaged property and subsequent remittals under a settlement scheme, directing the return of original exhibits.

What did the court decide?

Application disposed as settled out of court; original documents (Ex. A-1 to A-16) to be returned to applicant bank.

State Bank of India versus Kannan — Banking and Recovery | DRT (2023)

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TA No. 1120 of 2023 29.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 29^th day of November, 2023

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

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TRANSFERRED APPLICATION No.1120 of 2023

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(Originally filed before DRT- II, Chennai as OA No. 935 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1120 of 2023)

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State Bank of India,

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Rep. by its Chief Manager, Assets Recovery Management Branch, No.44, Eldams Road, 1^st Floor, Teynampet, Chennai – 600 018.

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….Applicant

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-Vs-

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1. Mr. K. Kannan,

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New No.14, Old No. 127/1, Godhavari Street,

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Chinmaya Nagar Stage-I,

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Chennai – 600 092.

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2. M/s. Precise Nephrocare Technology Pvt. Ltd.,

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Rep. by its Directors – K. Kannan & K. Radhika, New No.14, Old No. 127/1, Godhavari Street, Chinmaya Nagar Stage-I, Chennai – 600 092.

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3. Mr. P.R. Santhosh

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No. 123, F2, OM Sakthi Apartments, Krishna Nagar 2^nd Main Road, Valasaravakkam, Chennai – 600 087.

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.... Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. S. Prasadh

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TA No. 1120 of 2023 29.11.2023

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ORDER

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This OA is filed by applicant bank for recovery of a sum of Rs.67,86,042.03p together with future interest and costs.

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A memo is filed by applicant bank stating therein that during pendency of the above OA, applicant bank had invoked the provisions of SARFAESI Act and sold OA Schedule mentioned property on 30.11.2019 to one M/s.K.Jayalakshmi for a sum of Rs.20,50,000/- and the same was appropriated to the loan account of defendants, for which a part satisfaction memo has already been filed on 16.12.2021. It is also submitted that defendants have approached applicant bank and remitted a further sum of Rs. 5,62,000/- on 01.11.2022 under the scheme of Rinn Samadhan 2022-23 and the same was adjusted to the loan account of the borrowers. It is also stated by applicant bank that there is no stay or any other proceedings / appeal pending before any Court / Tribunal against the mortgaged property. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court and also prayed for return of original documents unmarked as exhibits A-1 to A-16.

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Notice in full satisfaction memo sent by post to defendants 1 to 3 are duly served, as evidenced from the acknowledgement cards filed along with AOS by applicant bank.

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Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court (vide separate order), however without costs. Registry is directed to return original documents (Ex. A-1 to A-16) to applicant bank under proper acknowledgment as per extant guidelines. All other interlocutory applications, if any pending shall stand closed.

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TA No. 1120 of 2023 29.11.2023

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5. With the above observations, OA stands disposed.

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(Dictated to Steno (DD), transcribed by her, corrected, signed and processed by me through e-drt, on this the 29^th day of November, 2023)

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

State Bank of India v. Kannan

Case brief

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State Bank of India v. Kannan

Case brief

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