P Usha v. Idbi Bank
Case brief
What is this about?
In this Sarfaesi application challenging a sale notice, the adjudicating officer permitted the bank to obtain a fresh valuation for a negotiated settlement. Ultimately, the SA was dismissed as parties agreed to explore a negotiated settlement and the applicant failed to prove procedural infirmities.
What did the court decide?
Permission granted to the Respondent Bank to obtain a fresh valuation and proceed towards a negotiated settlement.
What the court decided
SA 678 of 2023
14.02.2024
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 14th day of February, 2024
Present: Shri Ganapathi K.R.K. Presiding Officer
SARFAESI APPLICATION No.678 of 2023
- Mrs. P.Usha, W/o. Mr. R.Parthiban
No.39, Habibullah Salai,
T.Nagar, Chennai-600 018.
- Mr. R.Parthiban, S/o. Mr. Rishikesavan
- No.39, Habibullah Salai, T.Nagar, Chennai - 600 018.
- Mr. R.P. Rajarajan, S/o. Mr. R.Parthiban
Issues for consideration
2 issues framed by the court
Whether the sale notice issued by the bank scheduling the sale to a specific date can be challenged if the property is undervalued.
Whether the applicants have established any infirmity in the procedure adopted by the bank while issuing the sale notice.
Parties & counsel
- applicant
Mrs. P.Usha, W/o. Mr. R.Parthiban
- applicant
Mr. R.Parthiban, S/o. Mr. Rishikesavan
- applicant
Mr. R.P. Rajarajan, S/o. Mr. R.Parthiban
- respondent
The Authorized Officer, M/s. IDBI Bank Limited, Zonal Office
Coram
Case details
As recorded by the court registry
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