Dismissed

Purasawakam Santhatha Sanga Nidhi Limited v. City Union Bank Limited

DRT13 Aug 2024SA/337/2024

Case brief

AI extract

What is this about?

In a SARFAESI application regarding a non-conducted auction, the Tribunal dismissed the admitted extension application as infructuous due to the sale not having taken place. The applicant was directed to request account settlement, with the bank to respond within 30 days.

What did the court decide?

Application dismissed. Directed to request account settlement; bank to decide within 30 days of receipt.

Purasawakam Santhatha Sanga Nidhi Limited versus City Union… — Company and Corporate | DRT (2024)

SA No. 337 of 2024

13.08.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

¶5

Dated this the 13^th day of August, 2024

¶6

Present: SHRI A. S. JAYACHANDRA Presiding Officer (In – charge)

¶7

SARFAESI APPLICATION No.337 of 2024

¶8

M/s. Purasawakam Santhatha Sanga Nidhi Limited Represented by its Director, Mr. J. Mohan No.49 (Old No.47), Vellala Street, Purasawakkam, Chennai – 600 084. ….Applicant

¶9

-Vs-

¶10

City Union Bank Limited, Represented by its Authorized Officer Narayana Administrative Office, No. 24-B, Gandhi Nagar, Kumbakonam – 612 001. ….Respondent

¶11

Counsels on record / appeared:

¶12

Counsel for Applicant : M/s. Mr. R. Venkat Raman Counsel for Respondent : M/s. Mr. Roshan

¶13

PROCEEDINGS DATED 13.08.2024

¶14

IA/1433/2024 – Upon the IA moved for advance hearing petition, the matter is taken up

¶15

today from 04.09.2024 to this day. Perused and the same is allowed.

¶16

IA/1434/2024 – Seeking extension of 4 weeks’ time (or) any other reasonable time to comply with the directions of the order dated 24.06.2024 in IA/972/2024 in SA/337/2024

¶17

passed by this Tribunal.

Heard on the same.

SA No. 337 of 2024

13.08.2024

Ld. Counsel for the defendant submits that the sale has not taken place on 04.07.2024 consequent to the impugned sale notice dated 28.05.2024. Therefore, the reliefs become infructuous.

¶23

The present IA seeking extension of time thus becomes obsolete.

¶24

After hearing the Ld. Counsel, the present SA stands disposed of as becoming infructuous. However, the defendant bank is directed to consider the request of the present applicant to settle the account for which the applicant shall send a request in writing within three days’ and after receipt of such request, the defendant bank shall intimate their decision on such representation within 30 days’ from today. Thereafter, if the borrower fails to adhere the terms, the bank at liberty to proceed in the matter in accordance with law.

¶25

The earlier date assigned stands cancelled.

¶26

Copy of this order be circulated to the parties at free cost.

¶27

Sd/-

¶28

(A.S. JAYACHANDRA)

¶29

PRESIDING OFFICER (In-charge)

¶30

(Dictated to Steno, who typed in the system, corrected, signed and pronounced in Open Court, on this 13^th day of August, 2024)

Purasawakam Santhatha Sanga Nidhi Limited v. City Union Bank Limited

Case brief

What is this about?

What did the court decide?

Purasawakam Santhatha Sanga Nidhi Limited v. City Union Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of India versus Dharani Sugars

Kirubakaran versus State Bank of India

Rebello Sagaya Nathan versus Ugro Capital Ltd. and Zion Consultants and Ruby Joseph and Joseph Rebecca Elizabeth Susanna and Charles Anand Joseph

Federal Bank versus Usharani

D Sathiyanarayanan versus Hinduja Leyland Finance Limited

Union Bank of India versus Soundarapandiyan