Dismissed

Mr a Ramalingam v. Indian Overseas Bank

DRT4 Mar 2025SA/196/2023

Case brief

AI extract

What is this about?

In this SARFAESI application, the applicant challenged bank proceedings under Section 17 of the SARFAESI Act. The Debts Recovery Tribunal dismissed the application because the applicant and respondent bank mutually settled the loan account via One-Time Settlement (OTS), leaving no cause of action for adjudication.

What did the court decide?

The Securitization Application stands dismissed as settled out of court between the parties; interim order, if any, is vacated.

Mr a Ramalingam versus Indian Overseas Bank — Execution and Attachment | DRT (2025)

SA No.196/2023

04.03.2025

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

¶5

Dated this the 04^th day of March, 2025

¶6

Present: SMT. S.V. GOWRAMMA

¶7

Presiding Officer

¶8

SARFAESI APPLICATION No. 196 of 2023

¶9

Mr. A. Ramalingam S/o. Annamalai, D.N/O, 5/1088, Jeeva Nagar, Menasi – post, Pappireddipatti TK, Dharmapuri District-636904 ….Applicant

¶10

-Vs-

¶11

The Authorised Officer, Indian Overseas Bank, Regional Office, No.7/54, Ideal Garden Complex, 2^nd Floor, Five Roads, Salem – 636004 ….Respondent

¶12

Counsels on record / appeared:

¶13

Counsel for Applicants : M/s D. Vijayakumar Counsel for Respondent : M/s V. Rajeswari

¶14

ORDER ON SA No. 196 OF 2023

¶15

The present Securitization Application [SA] is filed on 09.03.2023 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 ‘Act’) challenging the action and the measure taken by the secured creditor under the Security Interest Enforcement Rules, 2002 [for short the Rules].

¶16

The Applicant is borrower, who has filed the present SA praying to grant on order of stay of all further proceedings pursuant to the Possession Notice dated 18.02.2023 issued by respondent bank for recovery of a sum of Rs.44,72,421/-due as on 17.02.2023.

¶17

A memo is filed by applicant submitting therein that during the pendency of the above S.A., the applicant approached the respondent bank and expressed his willingness to settle the outstanding agricultural loan account under the One-Time

SA No.196/2023

04.03.2025

Settlement (OTS) Scheme. Pursuant to the above, the applicant and the respondent bank have mutually agreed upon the terms of the OTS, and the applicant has initiated steps to comply with the terms of the settlement, accordingly the applicant has remitted a sum of Rs.19,50,000/- towards full and final settlement of the claim. The settlement has been arrived out of court through mutual understanding between the applicant and the respondent bank.

¶22

A memo dated 04.12.2024 is also filed by respondent bank submitting therein that the applicant had approached the Respondent Bank recently and settled the loan account under OTS Proposal and the loan account of the Applicants stands closed. Hence no cause of action survives in the SA.

¶23

Heard the counsels for both the parties and perused the records.

¶24

Memos filed on behalf of applicant and respondent bank dated 26/12/24 and 04/12/24 respectively are taken on record.

¶25

As both parties have reported settlement of loan account by way of settlement under OTS, respective memos, nothing survives for adjudication in this SA. Both the counsels have signed in the proceedings sheet in confirmation of the settlement arrived between the parties.

¶26

Accordingly, SA stands dismissed as settled out of court between the parties.

¶27

Interim Order granted, if any stands vacated. Pending IA/s if any are disposed of in terms of this Order. No order as to cost.

¶28

Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

¶29

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

¶30

04^th day of March, 2025)

Mr a Ramalingam v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Mr a Ramalingam v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

United Bank of India versus Siva Sakthi Rice Industries

City Union Bank Limited versus M/S Sri Aasila Paper Boards

Bank of Maharashtra versus D T Enterprises

N Thulasi versus Iifl Home Loan

State Bank of India versus Vasu

Mr Sankar Chinna versus Pegasus Assets Reconstruction Private Limited