The Debts Recovery Tribunal dismissed the applicant's SARFAESI application, which challenged a sale notice, as the application was withdrawn by counsel after the auction became infructuous due to lack of bidders.
The SARFAESI application was dismissed as withdrawn.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
SA 497 of 2023
19.02.2024
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 19th day of February, 2024
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No.497 of 2023
M/s. MARG Ltd., Rep by its authorized Signatory, Mr. K.S. Gajendra Babu, No.15/26,Kottur Gardes, Adyar House, Kotturpuram, Chennai-600 085.
Now Presently having its registered office at: Sri Sai Subhodaya Apartments, Basement No.57/2B, East Coast Road, Thiruvanmiyur, Chennai-600 041. ….Applicant
-Vs-
The Authorized Officer, Edelweiss Asset Reconstruction Company Ltd., Having its registered office at Edelweiss House, Off C.S.T. Road, Kalina, Mumabai-400 098. ....R espondent
Counsels on record / appeared:
ORDER
respondent institution, scheduling sale to 28.09.2023, for recovery of a sum of Rs.34,97,72,276/-.
SA 497 of 2023
2
19.02.2024
pursuant to the impugned Sale Notice did not take place for want of bidders and thus, the present SA has become infructuous. Ld. counsel for applicant submitted that applicants have approached respondent institution for OTS and six months time has been granted to applicant to close the loan account. Thus, submitting, Ld. counsel for applicant prayed for disposal of SA and also made an endorsement that he may be permitted to withdraw the SA.
(Dictated to PS, transcribed by her, corrected, signed and pronounced in open court on this the 19th day of February, 2024)
Sd/(GANAPATHI K.R.K) PRESIDING OFFICER
M/s. MARG Ltd.
The Authorized Officer, Edelweiss Asset Reconstruction Company Ltd.
Ganapathi K.R.K.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
