Allowed

State Bank of India v. M/s. Iris Scans

DRT11 Jul 2025OA/113/2025

Case brief

AI extract

What is this about?

Petitioner bank sought appointment of an Advocate Commissioner to inventory and sell idle assets of defaulting borrowers. Tribunal allowed the application, appointing a commissioner to fetch maximum value of machinery pending disposal of the main recovery application.

What did the court decide?

Appointment of Advocate Commissioner K. Dinesh for inventorying and selling hypothecated/non-hypothecated assets to fetch maximum value, with sale proceeds kept in no-lien account.

State Bank of India versus M/s. Iris Scans — Banking and Recovery | DRT (2025)

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IA 552/25 in OA 113/2025

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11.07.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 11^th day of July, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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I.A. No.552 of 2025 in O.A. No. 113 of 2025

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State Bank of India SME Anna Salai No.556, Jeevan Anand Building 2^nd Floor, Anna Salai Teynampet, Chennai – 600 018 Rep. by its Chief Manager ….Applicant

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-Vs-

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M/s IRIS Scans

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Represented by its Proprietor

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Mr. Deepak Kumar J

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S/o Jambu Kumar

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Mr. Deepak Kumar J

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S/o Jambu Kumar

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Both having address at

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a. No.1, Zanath Buildings, Nana Street

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Pondy Bazar T. Nagar

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Chennai – 600 017

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b. No.183/79, 2^nd Floor, Wall Tax Road, Park Town Chennai – 600 003 …..Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s KCYR Associates

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: - ORDER ON IA NO.552 of 2025- :

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The Original Application is filed by the Applicant Bank against the

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Defendants, seeking for recovery of money due from Defendants jointly

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and severally to pay a sum of Rs.1,61,82,228/- (Rupees One Crore

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IA 552/25 in OA 113/2025

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11.07.2025

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Sixty One Lakhs Eighty Two Thousand Two Hundred and Twenty Eight only) together with further interest and costs.

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The Applicant Bank has filed the present petition i.e., I.A.No.552/2025 with affidavit of the Chief Manager of applicant bank, Sh. Srikanth Ronanki, praying to appoint an Advocate Commissioner for taking inventory of the hypothecated and non-hypothecated assets mentioned in the schedule hereunder and to dispose of the same so as to fetch maximum price and keep the sale proceeds in the Hon’ble Tribunal custody / no lien account with applicant bank, pending disposal of OA.

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It is the case of Applicant Bank that the hypothecated and nonhypothecated movables purchased out of bank’s funds are kept idle in the rented premises of the defendant, which may become rusted thereby reducing the sale value of the machinery. Due to non co-operation of the defendants, the applicant bank is unable to obtain valuation report for the same. Hence it is very much necessary to take inventory of the movable assets available at No.1, Zanatah Buildings, Nana Street, Pondy Bazar, T. Nagar, Chennai – 600 017 and after obtaining proper from the experts and to dispose the machinery to fetch the maximum value and the sale proceeds may be kept in no-lien account till disposal of the main OA. Hence the present IA is filed praying to appoint Advocate Commissioner for the said purpose.

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Defendants remained ex-parte in this matter.

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IA 552/25 in OA 113/2025

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3 11.07.2025

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Heard the counsel for applicant bank and perused the

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records of produced along with the IA.

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In the circumstances stated, IA No.552/25 stands allowed. Sh. K. Dinesh, Advocate (MS 4969/2022), No.11, Om Sakthi Nagar,K.K. Ponnurangam Salai, Ramapuram, Chennai – 600 087 (Mob.8124294722) is appointed as Advocate Commissioner for the above said purpose. The remuneration of Advocate Commissioner for the purpose is fixed at Rs.15,000/- to be paid by applicant bank directly and file proof thereof.

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Registry is directed to issue warrant to the Advocate Commissioner

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accordingly. List the matter on 15.09.2025 for report of the Advocate Commissioner and for filing PA and OD by applicant bank.

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Sd/-

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(S.V. GOWRAMMA)

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PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the

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11^th day of July, 2025)

State Bank of India v. M/s. Iris Scans

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/s. Iris Scans

Case brief

What is this about?

What did the court decide?

What the court decided

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