Allowed

Sylvia Education Research and Social Welfare Trust v. Reliance Commercial Finance Limited

DRT24 Apr 2024SA/281/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of the SARFAESI application filed by the mortgagors challenging a possession notice after the respondent admitted that the loan account was settled via an Off-Transferred Scheme (OTS). Consequently, the SARFAESI actions were set aside, possession was restored to the mortgagors, and the interim order was vacated.

What did the court decide?

SARFAESI actions set aside; possession restored to mortgagor; interim order vacated; written grounds not required.

Sylvia Education Research and Social Welfare Trust… — Contract and Commercial Disputes | DRT (2024)

SA No.281 of 2022

24.04.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 24^th day of April, 2024

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

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SARFAESI APPLICATION No.281 of 2022

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1. M/s. Sylvia Educational Research and Social Welfare Trust (Borrower) Rep by its Managing Trustee Ramasamy 9^th Cross, Velayutham Nagar Jayamkondam

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Ariyalur District – 621 802.

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2. Stephen (Co-Borrower) S/o. Ramasamy 9^th Cross, Velayutham Nagar Jayamkondam Ariyalur District – 621 802.

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3. Reginamary (Co Borrower) W/o. Stephen 9^th Cross, Velayutham Nagar Jayamkondam Ariyalur District – 621 802.

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4. N. Ramasamy (Co Borrower) S/o. Natesan Padayatchi 9^th Cross, Velayutham Nagar Jayamkondam Ariyalur District – 621 802 ….Applicants -Vs -

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1. Reliance Commercial Finance Limited Rep by its Authorized Officer Plot No.10, Vishnu Plaza, Vaigai Colony, 80 Feet Road, Anna Nagar, Madurai – 625 020.

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2. Reliance Commercial Finance Limited Rep by its Branch Manager Plot No.10, Vishnu Plaza, Vaigai Colony, 80 Feet Road, Anna Nagar, Madurai – 625 020. . …Respondents

SA No.281 of 2022

24.04.2024

Counsels on record / appeared:

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Counsel for Applicant : M/s. G. Pugazhentihi Counsel for Respondent : M/S. K. B. Vivekanandhan

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ORDER

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This SA is filed challenging the Possession Notice dated 04.05.2022 issued by respondent institution for recovery of a sum of Rs.1,35,58,950/-.

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Memo vide SR No.5126 dated 02.04.2024 is filed on behalf of respondent bank institution submitting therein that applicant had settled the loan account under OTS by remitting a sum of Rs.58,31,567/- to the respondent on 12.02.2024 and that nothing survives to be adjudicated in the SA.

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Copy of memo is sent to other side by post and respondent had furnished postal receipt evidencing the same.

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Heard. Memo filed on behalf of respondent is taken on file. As the SARFAESI actions of respondent bank are no longer required to be prosecuted in view of settlement of loan account, SARFAESI actions of respondent bank are hereby set aside. Consequently, possession is restored to mortgagor.

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In the result, SA is disposed in view of settlement of account reported by respondent, however, without costs. Interim order, if any, granted and subsisting till this day stands vacated and all other IAs, if any, pending stand closed.

SA No.281 of 2022

24.04.2024

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 24^th day of April, 2024)

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

Sylvia Education Research and Social Welfare Trust v. Reliance Commercial Finance Limited

Case brief

What is this about?

What did the court decide?

Sylvia Education Research and Social Welfare Trust v. Reliance Commercial Finance Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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