Sri Akku Srinivas Rao v. Union Bank of India
Case brief
What is this about?
In an application under Section 17 of the SARFAESI Act, the applicant directed the bank to auction property and deposit excess proceeds based on a civil decree. The Tribunal dismissed the application as premature because the auction had not yet been successfully conducted, directing the applicant to pursue remedies via the civil court.
What did the court decide?
Application disposed of; no direction to conduct auction or deposit proceeds granted.
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL - I AT HYDERABAD
DATED THIS THE 26TH DAY OF FEBRUARY, 2C.24
PRESENT: GUMMADI GOPICHAND, PRESIDING OFFICER
SA.No.65.,/2C22
Sri Akku Srinivas Rao, S/o. late A. Swamy, Aged: 69 years, Occ: Business, R/o. Flat No.317, H.No.2-3-42, QuadriHappy Homesparadise, Quadribagh, Amberpet, Hyderabad-SOO 0 13.
Applicant.
Versus
- Union Bank of India, Regional Office, 1"t Floor, Sultain Bazar, Koti, Hyderabad. Rep. by its Authorized Offrcer,
- Mr. T. Satish, S/o. T. Chakrapani Rao, lq.dabout 5O years, Occ: Buiiness, R/o.16- l1-4OS/2&,3, SBI Oflicers Colony, Moosarambagh, Hyderabad - SOO 036.
Respondents.
Counsel for the Applicant Respondents
Issues for consideration
3 issues framed by the court
Whether the debtor has succeeded in recovering sufficient amounts from the property auction to satisfy the decree holder.
Whether the application filed by a decree holder under Section 17 of SARFAESI Act is premature given the auction has not been successfully conducted.
Whether the remedy of a decree holder is exclusively before the civil court when a bank invokes SARFAESI provisions.
Parties & counsel
- applicant
Sri Akku Srinivas Rao
- respondent
Union Bank of India
- respondent
Mr. T. Satish
Coram
Case details
As recorded by the court registry
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