Disposed

M s Richros Builders v. Uco Bank

DRT21 Feb 2024SA/6/2023

Case brief

AI extract

What is this about?

In this SARFAESI application, the applicant challenged a possession notice issued by the bank. The court permitted the applicant to approach the bank for a negotiated settlement by 31.07.2024 and disposed of the application based on the undertaking to repay the balance. Failing settlement, the bank was allowed to proceed with recovery actions.

What did the court decide?

Disposed of the SARFAESI application; granted liberty to the applicant to seek a negotiated settlement by 31.07.2024; confirmed that the respondent bank can proceed with recovery actions if the defaul

M s Richros Builders versus Uco Bank — Banking and Recovery | DRT (2024)

SA No.06 of 2023

21.02.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 21^st day of February, 2024

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Present: Shri Ganapathi K.R.K.

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Presiding Officer

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SARFAESI APPLICATION No.06 of 2023

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M/s. Richors Builders Rep by its Sole Prop .B. Antony Raj S/o. Bangiraj, Old No.46, New No.50, Konda Reddy Street, (Opp Antoniyar Koil) Reddiyarpalayam, Puducherry- 605 010. ….Applicant

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-Vs-

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The Chief Manager/ Authorized Officer, UCO Bank , Puducherry Branch, Rule Mahe de Labourdonnais, Puducherry- 605 001. .… Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. L. Swaminathan Counsel for Respondent : M/S. M. Muthukumarn

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ORDER

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This SA is filed challenging the possession notice dated 12.10.2022 issued by respondent bank for recovery of a sum of Rs.54,55,912/-.

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Heard Ld. counsel appearing for respective parties. Ld. counsel for applicant submitted that applicants are ready and willing to close the loan account by or before

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31.07.2024 under OTS. Ld. counsel for applicant undertakes to file a memo to that effect during the case of the day. Permitted.

SA No.06 of 2023

21.02.2024

Memo vide SR No.2706/24 is filed by applicant submitting therein that the applicant had remitted the following payments on the respective dates:-

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Dates	Amount Rs. in lakhs
13.02.2023	5,45,592
14.02.2023	5,45,592
25.10.2013	6,00,000
28.10.2023	2,50,000
04.01.2023	3,50,000

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It is further submitted that respondent bank had debited a sum of Rs.57,000/-

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on 30.06.2023 from savings bank account of Applicant. Thus, totally an amount of Rs.23,48,184/- has been remitted into the Loan Account. It is further submitted that the balance amount of Rs.31,07,728 has to be repaid, which the applicant agrees to repay by or before 31.07.2024 without fail and close the entire outstanding balance with interest.

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It is further submitted that, as applicant is a longstanding customer of respondent bank for more than three decades, applicant would approach respondent for deduction of substantial portion of the interest amount payable by the applicant herein by way of submitting OTS proposal in this regard. Thus, submitting the Ld. counsel prayed for directing the respondent bank not to take any coercive action until then and pass necessary orders.

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Memo is signed by applicant and Ld. counsel for applicant. Copy of memo is served to Ld. counsel for respondent bank.

SA No.06 of 2023

21.02.2024

Perused records. As applicant intends to approach respondent bank for a negotiated settlement of loan account by or before 31.07.2024, applicant is at liberty to approach respondent bank and settle the loan account in terms of their undertaking memo filed today after serving copies on the other side.

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In the result, SA is disposed in terms of the memo filed on behalf of applicant. Applicants are at liberty to approach respondent bank for a negotiated settlement by or before 31.07.2024, failing which, respondent bank will be at liberty to proceed further with SARFAESI actions subsequent to the stage of possession notice, if the default of the borrower continues.

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Interim order, if any, granted and subsisting till this day stands vacated and all other IAs, if any, pending stands 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

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guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced in open court on this the 21^st day of February, 2024)

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

M s Richros Builders v. Uco Bank

Case brief

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M s Richros Builders v. Uco Bank

Case brief

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