Cgm Impex v. Indian Bank
Case brief
What is this about?
Debts Recovery Tribunal allowed a SARFAESI application challenging a sale notice issued under the SARFAESI Act. The bank withdrew the notice due to lack of bidders and defective service. The Tribunal granted the application without costs.
What did the court decide?
Sale notice allowed to be recalled. Respondent directed not to debit sale expenses to borrower's account. Implied costs waived.
What the court decided
1
SA No.555 of 2023
03.04.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 03rd day of April, 2024
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No.555 of 2023
- M/s. CGM Impex
Rep by its Prop. Mr. G. Murugesan S/o. Mr. Gunasekaran, No.62, Neithal Nagar, Kadambadi, Nagapattinam - 611 001.
- Mr. G. Murugesan S/o. Mr. Gunasekaran No.23, Min Nagar, Vallam, Thanjavur Taluk, Thanjavaur -613 403. ….Applicants -Vs-
The Authorized Officer, Indian Bank, Nagapattinam Branch No.8, Nethaji Road, Nagapattinam ….D efendant
Counsels on record / appeared:
Issues for consideration
1 issue framed by the court
Whether to allow the SARFAESI application challenging the sale notice issued by the bank for recovery of debt.
Parties & counsel
- applicant
M/s. CGM Impex and Mr. G. Murugesan
- respondent
The Authorized Officer, Indian Bank, Nagapattinam Branch
Coram
Shri Ganapathi K.R.K
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court