P Alagar Raja v. Union Bank of India
Case brief
What is this about?
The Tribunal disposed of a Securitization Application and Delay Condonation petition concerning a seized property auctioned to a respondent. Allowing a compromise settlement, the applicant undertook to refund the auction holder and pay pending bank dues within 20 days. The court made enforcement of conditions a precondition for cancelling the Sale Certificate and releasing possession.
What did the court decide?
Sale Certificate dated 14.06.2024 to stand automatically cancelled upon payment of Rs.9.50 lakhs to auction purchaser and remittance of balance secured debt to bank.
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL AT COIMBATORE
DATED THIS 26th DAY OF NOVEMBER, 2025
PRESENT: SRI N. SOMASUNDAAR, B.A.; B.L.
PRESIDING OFFICER
SA NO.174 of 2025 &
IA No.5623/2025 in
SA (NDN) 2106/2025
SA NO.174 of 2025
Between
Mr.P.Alagar Raja, S/o.Pitchai, Door No.2-6, Site No.1(P) & 2(P), S.F.No.69/1, Kalikanaickenpalayam Village, Rasi Garden, Dhaliyur Town Panchayat, Coimbatore – 641 109.
…… Applicant
And
Issues for consideration
3 issues framed by the court
Whether Sale Certificate issued in favour of auction purchaser can be cancelled upon compromise settlement between borrower and purchaser.
Whether conditions can be imposed for automatic cancellation of Sale Certificate if borrower fails to honour undertaking to pay refund and dues.
Whether secured asset possession can be delivered to auction purchaser after settling sale consideration refund and outstanding dues.
Parties & counsel
- applicant
Mr.P.Alagar Raja
- respondent
M/s.Union Bank of India (Erstwhile M/s.Corporation Bank)
- respondent
Mrs.Jeeva
- respondent
Mrs.S.Umadevi
Coram
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 · N.somasudaar
- Order 2 — this page · N Somasundaar
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