Disposed

Dkam Interior Pvt. Ltd. rep by its Director Mr B Baskar and another v. Indian Bank

DRT27 Mar 2025SA/249/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal dismissed a Securitization Application filed by a borrower challenging a possession notice. The court held the application infructuous as the respondent bank regularized the loan account during its pendency.

What did the court decide?

The Securitization Application is disposed of as infructuous. Interim order, if any, stands vacated.

Dkam Interior Pvt. Ltd. rep by its Director Mr B Baskar and… — Company and Corporate | DRT (2025)

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SA No.249 of 2024

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27.03.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 27^th day of March 2025

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Present: SMT. S.V. GOWRAMMA

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Presiding Officer

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SARFAESI APPLICATION No.249 of 2024

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M/s DKAM Interior Pvt. Ltd. Rep. by its Director Mr. B. Baskar Parsn Complex, A-2, Second Floor No.15, Kodambakkam High Road Nungambakkam, Chennai – 600 006

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….Applicant

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-Vs-

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Indian Bank Rep. by its Authorised Officer T. Nagar Branch No.7, Prakasam Road T. Nagar, Chennai – 600 017 ….Respondent

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Counsels on record / appeared:

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Counsel for Applicant : M/s A. Chandrasekahran Counsel for Respondent : M/s P.V. Murlidhar

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ORDER

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The present Securitization Application [SA] is filed on 16.04.2024

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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

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under the Security Interest Enforcement Rules, 2002 [for short the Rules].

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Applicant is the borrower, who has filed the present SA, challenging

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the Possession Notice dated 08.03.2024 issued by respondent bank, for

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SA No.249 of 2024

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27.03.2025

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recovery of a sum of Rs.1,09,58,073.34p and the prayer as sought for in the SA is to set aside the possession sale notice.

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This SA was moved on 14.05.2024 by the applicant. IA No.736/24 – for stay was allowed subject to condition of applicant depositing 10% of the outstanding amount and equal sum within 45 days thereafter. Case was posted to 05.07.2024 for reporting compliance and counter of respondent bank.

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Today, respondent bank had filed memo submitting therein that during the pendency of SA, applicant had approached respondent bank and upgraded / regularized the loan account, consequent upon which the SARFAESI actions initiated by the respondent bank has become infructuous. Hence SA No.249 of 2024 is liable to be dismissed as infructuous.

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Heard the Counsels appearing for the respective parties and perused the records of the case.

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Memo filed on behalf of respondent bank is taken on record.

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As the respondent bank had reported regularization of loan account by way of filing memo, nothing survives for adjudication in this SA.

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Accordingly, SA.No.249 of 2024 stands disposed of as infructuous, as loan account is upgraded by applicant, as reported by respondent bank.

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SA No.249 of 2024

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27.03.2025

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Both the counsels have endorsed in the proceeding sheets admitting the facts.

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Interim order granted if any, stands vacated. Pending IAs if any, are

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disposed of in terms of this order. No order as to costs.

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

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 27^th day of March, 2025)

Dkam Interior Pvt. Ltd. rep by its Director Mr B Baskar and another v. Indian Bank

Case brief

What is this about?

What did the court decide?

Dkam Interior Pvt. Ltd. rep by its Director Mr B Baskar and another v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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