Allowed

Mohideen Abdul Khader v. Vistaar Financial Services P Ltd.

DRT5 Mar 2024SA/277/2023

Case brief

AI extract

What is this about?

This SARFAESI application challenging a possession notice was allowed solely because the respondent institution voluntarily withdrew the notice during the hearing. The possession was restored, and expenses were disallowed.

What did the court decide?

Impugned possession notice set aside; possession restored to mortgagor; expenses to be withheld from loan account; liberty to respondent to proceed further if default continues.

Mohideen Abdul Khader versus Vistaar Financial Services P Ltd. — Banking and Recovery | DRT (2024)

SA No.277 of 2023

05.03.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 05^th day of March, 2024

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

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SARFAESI APPLICATION No.277 of 2023

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Mr. Mohideen Abdul Khader S/o. Mr. Umerkhatab, Door No.32, Plot No.117 Part, Sivasankaran Street, Kennady Nagar, Erukenchery, Fort Tondiarpet, Chennai- 600 117.

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Mrs. Jasmmin Bairojparvin W/o. Mr. Mohideen Abdul Khader Door No. 32, Plot No.117 Part. Sivasankaran Street, Kennady Nagar, Erukenchery, Fort Tondiarpet, Chennai- 600 117. ….Applicants

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-Vs -

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The Authorized Officer, VISTAAR Financial Services Pvt. Ltd. Plot No.59 & 60, 23, 22^nd Cross, 20^th Main BTM Layout, 2^nd Stage, Bengaluru – 560 076. ……Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. T. Saravanan Counsel for Respondent : M/s. R. Vinayaga Moorthy

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ORDER

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This SA is filed challenging the Possession Notice dated 15.03.2023 by respondent institution, for recovery of a sum of Rs.24,68,586.02p.

SA No.277 of 2023

05.03.2024

Heard Ld. Counsels appearing for respondent institution who submitted that respondent may be permitted to withdraw the subject impugned possession notice dated 15.03.2023 and also made an endorsement to that effect in SA paper book.

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In the result, as respondent had withdrawn the subject impugned Possession Notice, SA stands allowed, however without costs. Possession notice dated 15.03.2023 is hereby set aside and possession is restored to mortgagor. Respondent institution is directed not to debit subject impugned Possession Notice expenses to the borrower’s loan account. However, liberty be with respondent to proceed further in accordance to law, if the default of the borrower continues.

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

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With the above directions 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, transcribed by her, corrected, signed and pronounced by me in Open Court on this the 05^th day of March, 2024)

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

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SA No.277 of 2023

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05.03.2024

Mohideen Abdul Khader v. Vistaar Financial Services P Ltd.

Case brief

What is this about?

What did the court decide?

Mohideen Abdul Khader v. Vistaar Financial Services P Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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