The Tribunal dismissed the SARFAESI application as infructuous after the applicant filed a memo confirming an amicable One Time Settlement with the bank and discharge of dues, leading to the setting aside of the possession notice.
SA stands dismissed as infructuous. Possession Notice dated 16.02.2022 is set aside and possession is restored to mortgagor.
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.
SA 190 of 2022
07.03.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 7th day of march, 2024
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No. 190 of 2022
M/s. Dharmapuri Paper Mills Pvt. Ltd.
M/s. Dharmapuri Paper Mills Pvt. Ltd.
All having Office at New No. 96, Old No. 140, Luz church Road, Mylapore, Chennai – 600 004.
…Applicants
-Vs-
The Authorized Officer, Indian Bank, Mylapore Branch, 75/1, P.S. Sivasamy Salai, Mylapore, Chennai – 600 004.
Also at
The Authorized Officer, Indian Bank, Mylapore Branch, 111, Luz Church Road, Mylapore, Chennai – 600 004. …Respondent
SA 190 of 2022
07.03.2024
Counsels on record / appeared:
Counsel for Applicant : M/s. Tanya Kapoor Counsel for Respondent : M/s. RRK Associates
ORDER
(Dictated to stenographer Saranya.M, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 7th day of march, 2024)
Sd/(GANAPATHI K.R.K) PRESIDING OFFICER
2 issues framed by the court
Whether the SARFAESI possession notice can be set aside due to a subsequent One Time Settlement.
Whether an applicants settlement removes the necessity of the legal proceeding.
M/s. Dharmapuri Paper Mills Pvt. Ltd.
Dr. Muthusamy
Mrs. Anupriya Muthusamy
Indian Bank
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
