Dismissed

State Bank of India v. R Tara

DRT24 Jul 2024TA/706/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of an original appeal filed by the State Bank of India as 'not pressed' after receiving a full satisfaction memo indicating proceeds from the sale of schedule 'D' properties under the SARFAESI Act had been adjusted and credited to the borrower's account.

What did the court decide?

Disposed of Original Appeal (OA) as not pressed due to full satisfaction of claim via sale proceeds under SARFAESI Act.

State Bank of India versus R Tara — Banking and Recovery | DRT (2024)

TA No.706 of 2023

24.07.2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 24^th day of July, 2024

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Present: SHRI A. S. JAYACHANDRA Presiding Officer (In – charge)

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TRANSFERRED APPLICATION No. 706 of 2023

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(Originally filed before DRT- II, Chennai as OA 08/2022 and thereafter transferred to this Tribunal and renumbered as TA No 706 of 2023)

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State Bank of India, Retail Assets Central Processing Centre, MRC Nagar, No. 4, Santhome High Road, Mylapore, Chennai – 600 004. Represented by its Chief Manager

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…. Applicant

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-Vs-

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Mrs. R. Tara, W/o. Late Rajasekaran, No. 8, Surya Street, Bharani Colony, Saligramam, (Passport Office) Chennai – 600 093. …. Defendant

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Suresh Law Associates Defendant set ex-parte on 18.07.2022

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PROCEEDINGS DATED 24.07.2024

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Perused the note sheet dated 09.08.2024 placed by the Registrar before the

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Bench for considering the full satisfaction memo filed by the applicant bank.

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The Ld. Counsel for the applicant bank submits that OA may be permitted to

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be withdrawn in view of the full satisfaction, for which, a full satisfaction memo is filed intimating the sale of schedule ‘D’ properties of the OA under SARFAESI Act.

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In view of the above and the memo indicating the realization of the sale

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proceeds of Rs.62,00,000/- having been adjusted to the claim and the balance

TA No.706 of 2023

24.07.2024

having been credited to the borrower’s account, the OA does not survive for any consideration.

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In view of the memo and the separate endorsement made by the Ld. counsel for the applicant today on the full satisfaction memo, the OA stands disposed as not pressed.

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The documents sought to be returned as per Form 11 may be returned after filing an affidavit by the bank to the effect that there no legal impediments /pendency of any case before any other Forum.

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Copies be communicated to the party.

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Sd/(A.S. JAYACHANDRA) PRESIDING OFFICER (In-charge)

State Bank of India v. R Tara

Case brief

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What did the court decide?

State Bank of India v. R Tara

Case brief

What is this about?

What did the court decide?

What the court decided

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