Learned Counsel for respondent bank submitted that the impugned sale notice became infructuous due to want of bidders. Since the procedure adopted was in accordance with law, the present sale application was dismissed without costs, with other interim orders vacated.
Sale application dismissed without costs; interim orders vacated; other IAs closed.
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.
1
SA No. 584 of 2023
26.04.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 26th day of April, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No. 584 of 2023
The Authorised Officer, Axis Bank Ltd, Retails Asset Centre, 4th Floor, Arcot Road, New No. 38, Old No. 165, Arcot Road, Kodambakkam, Chennai 600 024. …Defendant
Counsels on record / appeared:
Counsel for Applicant : M/s. J. Noel Raj Counsel for Respondent : M/s. T.K.M. Sai Krishnan
ORDER
recovery of a sum of Rs. 97,03,894/-.
2
SA No. 584 of 2023
26.04.2024
3
SA No. 584 of 2023
26.04.2024
infirmities in the procedure adopted by the respondent bank and hence the
present SA is liable to be dismissed.
guidelines.
(Dictated to Stenographer, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 26th day of April, 2024)
Sd/(GANAPATHI K.R.K) PRESIDING OFFICER
2 issues framed by the court
Whether the sale notice issued under the SARFAESI Act in view of no bidders has become infructuous and if the challenge to the same will still stand.
Whether the procedure adopted by the respondent bank in issuing the sale notice was in accordance with the law.
Mr.G. Parthiban and Mrs. Subathra
Axis Bank Ltd
Ganapathi K.R.K
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
