The Tribunal dismissed a securitization application challenging an auction notice as infructuous because the scheduled auction failed due to a lack of bidders, rendering the prayer unsustainable.
Application dismissed as infructuous as the scheduled auction had failed. Interim orders, if any, 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.
SA No. 175 of 2025
04.04.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 04th day of April 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
SARFAESI APPLICATION No.175 of 2025
NANDHA T SARAVANAN, S/o. Thirumal, No.1/36, Malliga Illam, Main Road, Lawspet, Pondicherry – 605 008. PAN No.ARVPS1992F ….Applicant
-Vs-
Authroised Officer, Canara Bank, Reddiyarpalayam Branch, No.5, Pavazha Nagar, Reddiyarpalayam, Puducherry – 605 010 IFSC CODE: CNRB0002816 ….Defendant
Counsels on record / appeared:
Counsel for Applicant : M/s S. Suseela Devi Counsel for Respondent : M/s M. Karthik
ORDER
The present Securitization Application [SA] is filed on 01.11.2023 under sub section [1] of S.17 of the Securitization And Reconstruction of Financial Asset and Enforcement of Security Interest Act,2002 (for short the
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04.04.2025
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„Act‟) challenging the action and the measure taken by the secured creditor under the Security Interest Enforcement Rules, 2002 [for short the Rules].
under section 13(4) of the Act. As the applicant was unable to regularize
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04.04.2025
the loan account he requested for the statements of account to arrange for some settlement measures. The bank has not given statements, and applicant received the auction notice dated 19.12.2024 scheduling the auction on 27.01.2025, on receipt of sale notice applicant fled S.A. No.77 of 2025 which is pending adjudication before this tribunal.
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thereof. Applicant admits the availing of loan, execution of the security documents and creation of security interest over the schedule mentioned property.
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The Sale notice is also published in two News papers in English “The New Indian Express” and in Tamil “Dinamani” on 15.02.2025. The bank submits that they have followed all the measures as required under the Act. There is no infirmity in issuing the above notices and the present S.A. is not maintainable in accordance with law.
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Heard the Learned Counsels appearing for the respective parties and perused the records of the case.
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of the Section 13(4) Possession notice, Acknowledgement Cards, Receipt of Possession notice, the present S.A. is filed challenging the Auction notice dated 14.02.2025 which didn‟t materialized, rendering the S.A as infructuous. Challenge to the Section 13(4) Possession notice is not within the period of 45 days.
disposed of in terms of this order. No order as to costs.
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to Mogesh, transcribed by him, corrected, signed and pronounced by me in Open Court, on this the 04th day of April, 2025)
2 issues framed by the court
Whether the SARFAESI application remains maintainable after the impugned auction sale notice has failed to materialize due to want of bidders.
Whether the Applicant is entitled to set aside the Auction Notice dated 14.02.2025 after the scheduled sale on 04.03.2025 proved infructuous.
3 provisions across 1 enactments
Nandha T Saravanran
Authorised Officer, Canara Bank
S.V. Gowramma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
