Lakshmi v. Indian Bank
Case brief
What is this about?
The Tribunal allowed the SARFAESI application, setting aside the sale conducted on 20.09.2023. It held that the respondent bank failed to serve a clear 15-day notice to the borrower as required under the SARFAESI Act, rendering the sale liable to be set aside.
What did the court decide?
Sale concluded on 20.09.2023 is set aside. Respondent bank directed not to debit sale notice expenses to the borrower’s account.
What the court decided
1
SA No. 506 of 2023
26.03.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 26th day of March, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No.506 of 2023
Mrs. P. Lakshmi , W/o. T. Periyannan No.18, Roja Street, Ambal Nagar, Porur, Chennai-600 016. ….Applicant
-Vs-
The Authorized Officer Indian Bank, Guindy Branch 131, SIDCO Building, GST Road, Guindy, Chennai- 600 032. ….Respondent
Counsels on record / appeared:
Issues for consideration
2 issues framed by the court
Whether the respondent bank failed to serve a clear 15-day notice to the borrower before bringing the property to sale.
Whether the sale conducted by the respondent bank ought to be set aside due to procedural non-compliance.
Parties & counsel
- applicant
Mrs. P. Lakshmi
- respondent
Indian Bank, Guindy Branch
Coram
Ganapathi K.R.K.
Case details
As recorded by the court registry
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