Disposed

Mr S Elamathy v. Hdb Financial Services Ltd.

DRT22 Mar 2024SA/273/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Chennai, disposed of SARFAESI Application No.273 of 2022 after the applicant borrower settled the loan account with the respondent financial institution. The Tribunal ordered the restoration of physical possession of the subject property to the mortgagor and closed the application without costs.

What did the court decide?

SA disposed as settled without costs; physical possession of subject property restored to mortgagor; interim orders vacated and pending IAs closed.

Mr S Elamathy versus Hdb Financial Services Ltd. — Execution and Attachment | DRT (2024)

SA No.273 of 2022

22.03.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 22^nd day of March, 2024

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

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SARFAESI APPLICATION No.273 of 2022

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Mr. Elamathy, Prop. M/s. LA Moto, No.4/61, Mangadu Main Road, Kollacheri, Kundrathur, Chennai-600 069.

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And also at, No.1, 2^nd street, Muthirulandi Nagar, Anakaputur, Chennai-600 070. ….Applicant

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-Vs -

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M/s. HDB Financial Services Ltd., Having its Reg. Office at: Radhika, 2^nd Floor, Law Garden Road, Navrangpura, Ahmedabad-380 009.

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Branch Office at, HDB Financial Services Ltd Rep. by its authorized Officer, Mr. Sathiyamoorthy. A 4^th Floor, Loyal Towers, No.68/2, Greams Road, Chennai -600 006. .… Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. K.N. Chinnakrishnan Counsel for Respondent : M/S. M. Ajmal Azzath

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ORDER

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Applicant, party in person present and representative counsel for respondent institution are present.

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This SA is filed challenging the measures initiated by respondent financial institution under section 14 of SARFAESI Act before Learned CJM, Chengalpattu, in Crl.M.P. No.7765/21for recovery of a sum of Rs.62,43,895/-.

SA No.273 of 2022

22.03.2024

Applicant party in person submitted that matter is settled during the pendency of SA and hence sought permission of this Tribunal to withdraw the SA. Applicant also made an endorsement to that effect in SA paper book.

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Representative counsel for respondent institution submitted that borrower has settled the loan account and documents are also returned to the borrower and hence nothing survives for adjudicating in this SA and prayed for passing necessary orders.

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In the result, SA is disposed as settled out of court however without costs. Interim order, if any, granted and substituting till this day stands vacated and all other IAs, if any, pending stands closed.

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In view of settlement of loan account by the applicant, physical possession of the subject property, if any, taken by the respondent institution pursuant to the orders of Ld. CJM, which is impugned in this SA, is hereby restored to mortgagor.

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With the above observations, 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 PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 22^nd day of March, 2024)

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

Mr S Elamathy v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

Mr S Elamathy v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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