Allowed

G Ravanan v. Sundaram Home Finance Limited

DRT18 Jan 2024SA/577/2023

Case brief

AI extract

What is this about?

A SARFAESI application challenging an e-auction sale notice was allowed after the respondent institution voluntarily withdrew the sale notice due to prior compliance and non-fructification of the auction, directing the borrower not to be debited for sale expenses.

What did the court decide?

Sale notice withdrawn; applicant not to be debited sale notice expenses; liberty to institution to proceed further if default continues.

G Ravanan versus Sundaram Home Finance Limited — Company and Corporate | DRT (2024)

SA No. 577 of 2023

18.01.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 18^th day of January, 2024

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Present: Shri Ganapathi K.R.K.

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Presiding Officer

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SARFAESI APPLICATION No. 577 of 2023

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Mr. G.Ravanan S/o. Mr.S.Gnanasundaram, Flat No. A2, No.26/24, Crescendo Apartments, Desika Road, Mylapore, Chennai – 600 004. ….Applicant

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Vs.

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The Authorized Officer, Sundaram Home Finance Limited, Office No.21, Patullos Road, Chennai – 600 002. ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Antony L.X. Selvam Counsel for Respondents : M/s. K.J.Parthasarathy

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ORDER

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This SA is filed challenging the E-Auction Sale Notice dated 14.10.2023 issued

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by respondent institution scheduling e-auction sale to 07.11.2023 for recovery of a sum of Rs.2,50,22,193/-.

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Today a memo is filed on behalf of respondent institution submitting therein that in view of compliance of conditional order by applicant, sale scheduled on 07.11.2023 did not fructify and hence respondent may be permitted to withdraw the subject impugned Sale Notice dated 14.10.2023 with liberty to proceed afresh.

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Copy of memo is served to Ld. Counsel for applicant.

SA No. 577 of 2023

18.01.2024

Perused records. Memo filed on behalf of respondent institution is taken on record.

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In view of withdrawal of Sale Notice by respondent, this SA stands allowed, however without costs. Respondent institution is directed not to debit subject impugned Sale Notice expenses to the borrower’s loan account. Liberty be with respondent to proceed further in accordance to law, 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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A copy of the order be communicated to the parties concerned as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 18^th day of January, 2024)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

G Ravanan v. Sundaram Home Finance Limited

Case brief

What is this about?

What did the court decide?

G Ravanan v. Sundaram Home Finance Limited

Case brief

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What the court decided

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