Allowed

R Thirumalai v. Indian Bank

DRT11 Jan 2024SA/546/2023

Case brief

AI extract

What is this about?

This SARFAESI application challenged a sale of 20.09.2023. The tribunal allowed the application, set aside the sale notice dated 19.08.2023 as it became infructuous due to lack of bidders, and directed the bank not to debit sale expenses, allowing fresh action if default continues.

What did the court decide?

Sale notice dated 19.08.2023 set aside; liberty to proceed afresh granted; sale expenses not to be debited.

R Thirumalai versus Indian Bank — Banking and Recovery | DRT (2024)

SA No. 546 of 2023

11.01.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 11^th day of January, 2024

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

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SARFAESI APPLICATION No. 546 of 2023

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Mr. S.Thirumalai, S/o. Srirangan, 739/2 Plot No.20, KCC Nagar, Opp TTD Kalyana Mandapam, Bagalur Road, Hosur, Krishnagiri – 635 109. ….Applicant Vs.

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The Authorised Officer, Indian Bank, 1^st Floor, DDDC Building, No.91, Pennagram Road, Dharmapuri – 636 701. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. J.Prince Counsel for Respondent : M/s. P.V.Murlidhar

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ORDER

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This SA is filed challenging the sale held on 20.09.2023 pursuant to the

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impugned publication of sale notice in “New Indian Express” dated 19.08.2023 for recovery of a sum of Rs.1,90,26,919/-.

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Today a memo is filed on behalf of respondent bank submitting therein that since there were no bidders on 20.09.2023, the present sale notice has become infructuous and further respondent bank submitted that they may be permitted to withdraw the Sale

SA No. 546 of 2023

11.01.2024

notice dated 19.08.2023, with liberty to proceed afresh in the manner known to law. Ld. counsel for respondent prayed for passing necessary orders. Copy of memo is served to Ld. counsel for applicant.

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Heard Ld. counsel appearing for both the parties. Memo filed on behalf of respondent bank is taken on file.

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In the result, this SA is allowed, however without costs. Sale notice dated 19.08.2023 is hereby set aside. Respondent bank is directed not to debit their sale notice expenses to the borrower’s loan account. However, liberty be with respondent to initiate action afresh, if the default of the borrower continues.

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Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed.

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With the above observations, this SA stands disposed.

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A copy of the order be communicated to the parties concerned as per extant guidelines.

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(Dictated to Stenographer (DD), transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 11^th day of January, 2024)

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

R Thirumalai v. Indian Bank

Case brief

What is this about?

What did the court decide?

R Thirumalai v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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