Dismissed

D Chandra Sekhar v. Piramal Capital and Housing Finance

DRT28 Aug 2025SA/236/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal dismissed an application filed by a borrower seeking to quash a secured creditor's eviction proceedings. The court held that statutory notices were properly served and no violation of the SARFAESI Act was established, upholding the creditor's right to seek physical possession.

What did the court decide?

The security application is dismissed with no order as to costs.

D Chandra Sekhar versus Piramal Capital and Housing Finance — Banking and Recovery | DRT (2025)

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IN THE^{DEBTSRECOVERY TRIBUNAL - II AT HYDERABAD}

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DATED^{THIS THE 28TH DAY OF AUGUST'2025}

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PRESENT:SH.RAMESHWARKOTHE'B-'-C:''L'LB'(Hons')'M'A' PRESIDING^OFFICER

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Securitization^{Application No'236OF 2024}

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D. Chandra^Sekhar

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sio OOrr"tu^{(Hindu)Aged 40 Years} li io-qi^{lz-oo, bhivaNaga r' Dha rmavaram} il;"ih;;;r;^{nndhra Piadesh s7s 67t}

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.......APPlicant.

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Versus

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Piramal^{Capital& HousingFinanceLtg,--.} (Formerly rtno*n aI6"ewin^{HousingFinanceCorporationLtd)} Ii#i'n"'dnii",^{o r'ro. sgloz2l8o's' No'885} Fut"inouO^{Junction'SLB Enclave}

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Nagarajupeta,^{ruiJpi' nndhra Pradesh 516001}

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Piramal^{Capital& Housing HousingFinanceLtg,--,}

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Piramal^{Capital& Housing HousingFinanceLtg,--,} (Formerly kno*n^{uI6-"*inHou'in9^FinancecorporationLtd)} H.""'"ili'n"uo^{onit"tprotNo'301'302 & 303}

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'rtio]e- j-g+alg49, 3'd Floor Solitaire^{Plaza, Arieerpet'Hyderabad-500016}

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Piramal^{Capital& HousingFinanceLtd'} - H;using.Finance^{corporationLtd)}

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(Formerlv known ;;;;;" ["si. oriiiJ'oor,^{o'n F]"gt' ATlti} ?:ll1:s ngi;tvu^{Corporate Park' Kaman Junctron} o-ro. ii."^{Station, LBS Marg' Kurla (W)} Mumbai^{MH 400070}

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...Respondents

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Counsel^{for the Applicant : Smt'S'A'V' Ratnam}

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: Mr. R.^{RajendraPrasad} Co u nsel^{fo r Res Po nd ents}

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-:ORDER:-

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The Applicant^{flled the present SecuritisationApplication uls L7} of the Securitization^{and Reconstruction of FinancialAssetsand} Enforcement^{of SecurityInterest Act, 2002 (hereinafter referredto as} "the Act")^{to declare the action} -of^{the respondents1 to 3} OW*

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Pate 2 of4

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("respondent,, hereinafter) proceedings for taking rrrr,.:j ;::tl::; of the application schedule property pursuant to eviction notice issued on t6.O5.2024 in Crt.Mp Masistrate-cum-p.,n.,prrar.,Iln',o/#::Jlrff j:il:r:",ilr: as illegal, arbitrary and violative of principles of n"tr."t ir.ti.".

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The case of the applicant, in brief, is that the applicant availed loan of Rs.3 takhs in 2O1O property. Due to covid r",.#,.:il'#;:"f. f :::Xtfl ,,.i,o"l: for two years which resulted in non_payment of instalments. Respondent declared the a nt as NPA and issued sec 13(2) demand notice dated 22.11 was not served. rhe .",oon'oo"'n1 :.TJTl.::;r;ir;11i" ;lil 27 .07.2023 was issued wher proper description of property was not given. without consider.ein ra k hs a n d th e req u est," "^{; J,'} ^:l;,#:::t'.1 Ji.:,^Jff:t "::#; respondent proceeded to take action for physical possession. 3. The respondent bank filed reply statement along with documents. The submissions briefry, are that due to defaurt account came to be classified as NpA followed by issuance of demand notice u/s 73(2) which was served on the borrower and co_borrower. As no payment was made, possessi( pubrished in^.Financiar .roru.lrl ],,:l#;ili ::H#T:: affixed on the secured asset. Thereafter, respondent filed Crl.Mp No'4/2024 and obtained warrant appointing advocate commissioner for the purpose of physical possession. The SA is filed on frivolous grounds and hence tiabte to be.dismissed. m(vg

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Page 3 of⁴

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SA No'236/2024

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The^{right of applicant advancing argumentswas forfeitedon} 23,07'2025aSnorepresentationandnoargumentssubmittedin spite of^{seeking adjournments'Heard learned counsel for the} respondent^{and perused the materialpapers brought on record'}

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The^{points for consideration are as follows : -}

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i) whether^{the applicantmade,out} ::Y^{Yali! ,?'?u!!,.,:1} quash the Zr:i["i^{irresponde.nt} ..bank^{includingtaxrng} physical po{itlion-^{or th[a ppl ication schedu le p roperties}

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as PraYed^for?

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ii) To what^relief?

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Point No.(i):

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Admittedly^{the applicantavailed loan against mortgage of} application^{schedule property and committed default in payment' The} entries^{in the statement of account also reflect the default' A perusal} ofmaterialdocumentsfiledbytherespondentalongwithitsreply statement^{would sufficiently prove that the demand noticeand} possession notice^{were served on the applicant being borrowerand} the co-borrower,^{the possessionnoticewas publishedin English and} Telugu^{(vernacular language)newspapersand affixed on the secured} asset. I^{find absolutelyno violation of Secs'13(2)and 13(4) of the} Act or^{Rules 8(1) and 8(2) of the Rules' 2002' The respondentbeing} secured^{creditor is entitled to take action under Sec'14 to approach} learned CMM/DM^{to take physical possession of the secured asset'}

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T,Inviewoftheaboveobservations,itisconcludedthatthe applicant^{failed to make out any valid groundto set aside any of the} measures^{taken by the respondent incruding for physicar possession} liable to^be of the^{appticationschedute\roperty.Accordit2ffi} _is dismissed. (/4o-

pa9e 4 of 4

SANo.236/2024

Point No.(ii):

B' In the resurt, the securitization Apprication fairs and is hereby dismissed.

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