SARFAESI application challenging recovery measures initiated by a home finance company under Section 14 was dismissed. The Appellate Bench found no infirmities in the respondent's compliance with statutory notice requirements and publication mandates under the Act.
SARFAESI application No.88 of 2023 was dismissed without costs; any interim stay was vacated.
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.
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SA No.88 of 2023
12.04.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 12th day of April, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
SARFAESI APPLICATION No.88 of 2023
Mr. N. Prakash Patel, S/o. Narashia Patel, No.7, Bharath Singh Street (Sathany Street) Kuyavarpalayam, Pondicherry-605 013 ….Applicant
The Authorized Officer, Repco Home Finance Limited, No.33, North Usman Road, T. Nagar,Chennai-600 017. .…Respondent
. C ounsels on record / appeared: Counsel for Applicant : M/s. S. Dinesh Babu Counsel for Respondent : M/s. A. Ilangovan
ORDER
Section 14 of SARFAESI Act pursuant to the order passed by Ld. CJM, Puducherry in Cr.M.P.No.9795 of 2022 dated 09.12.2022 for recovery of a sum of Rs.17,44,007/-
the onset of COVID – 19 pandemic. It is submitted that respondent has classified the
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SA No.88 of 2023
12.04.2024
loan account of applicant as NPA and proceeded further with their recovery measures. It is the case of applicant that classification of loan account as NPA is not in accordance to RBI guidelines, that respondent bank issued Possession notice dated 09.03.2022wherein respondent bank had allegedly claimed to have issued Demand notice dated 25.10.2021, which has not been served to all the parties, thereby depriving the right of applicant available under Section 13(3A) of the Act, that respondent bank failed to affix and publish the possession notice as mandated under law. It is contended that suppressing these facts, respondent bank proceeded further and hastily filed petition under Sec.14 of the SARFAESI act, before the Hon’ble CJM, Puducherry for taking physical possession of the secured asset.
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SA No.88 of 2023
12.04.2024
complied with all the statutory requirements of law and acted in strict adherence with the provisions of SARFAESI Act and Rules made there under and prayed for passing necessary orders.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 12th day of April, 2024)
Sd/(GANAPATHI K.R.K) PRESIDING OFFICER
2 issues framed by the court
Whether the applicant is entitled to relief under Section 14 of the SARFAESI Act challenging the recovery measures initiated by the respondent institution.
Whether the procedural requirements under Section 13 of the SARFAESI Act, including service of notices and publication, were duly complied with by the respondent.
3 provisions across 1 enactments
Mr. N. Prakash Patel
The Authorized Officer, Repco Home Finance Limited
Ganapathi K.R.K.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
