M Kandan versus Indian Bank

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SA No. 36 of 2024 (C)

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18.11.2024

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1

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 18^th day of November, 2024

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

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SARFAESI APPLICATION No.36 of 2024

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Mr. M. Kandan, S/o. P. Munusamy

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No. 3/93, Mariamman Koil Street, Panchetty Village, Ponneri Taluk, Thiruvallur District -601 204.

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Mrs. A. Malini, W/o. M. Kandan,

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No. 3/93, Mariamman Koil Street, Panchetty Village, Ponneri Taluk, Thiruvallur District -601 204. ….Applicants

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-Vs-

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Chief Manager/The Authorized Officer, M/s. Indian Bank, No. 2/238, Thtachoor Koot Road, Andarkuppam, Thiruvallur District. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. B. Ramaratnam Counsel for Respondent : M/s. V. Rajeswari

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PROCEEDINGS DATED 18.11.2024

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Heard the Ld. Counsel

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It is seen from the copy of the Order sheet dated 23.1.2024 furnished by the Ld.

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Counsel for the defendant bank that the subject matter is the SA is the challenge made to the sale notice dated 18.12.2023 fixing the sale to be held on 24.01.2024. The same

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is stayed by the said Orders and the Ld. Counsel for the applicant submits that the directions contained in the Interim Order is complied.

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SA No. 36 of 2024 (C)

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2

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18.11.2024

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The Ld. Counsel for the bank does not dispute the compliance of the Interim Order. The amount due shown in the sale notice is Rs.17,79,549 out of which certain amounts are paid.

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Since the sale has not taken place, the prayer becomes infructuous.

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It is also mandated u/s 17(5) of the SARFAESI Act that the applications filed u/s 17(1) of the Act to be disposed within 2 months’ and maximum by 4 months, the pendency of this SA serves no purpose, since the prayer has become infructuous.

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The Ld. Counsel Shri B. Ramarathinam for the applicant submits that his clients are ready and willing to settle the matter. The submission is taken note of.

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In the peculiarity of the above circumstances, the SA stands disposed of by the following:-

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ORDER

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SA stands disposed of as becoming infructuous. However, the defendant bank is directed to consider the request of the applicants for One Time Settlement or any other schemes applicable according to the banking policy. The applicant shall approach the bank within 15 days’ and the bank shall respond within 30 days’ thereafter. If no settlement is arrived, the bank to proceed in accordance with law.

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A copy of this order be communicated to the parties concerned.

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Sd/-

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(A.S. JAYACHANDRA) PRESIDING OFFICER (In-charge)

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(Dictated to Steno, who typed in the system, corrected, signed and pronounced in Open Court, on this 18^th day of November, 2024)

M Kandan v. Indian Bank

Case brief

What is this about?

What did the court decide?

M Kandan v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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