Prathiba v. Indian Bank
Case brief
What is this about?
Application filed under Section 17(1) of SARFAESI Act by a director of the vendor company seeking to set aside bank auction proceedings. Tribunal examined maintainability, finding Prima Facie that the applicant claims interest as a director, but deferred decision on merits to final hearing.
What did the court decide?
Matter dismissed on maintainability; directed to be decided at final hearing after filing Reply Statement.
What the court decided
A compact analysis
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.251/2023
Fair Order
IN THE DEBTS RECOVERY TRIBUNAL AT MADURAI
DATED THIS 08th DAY OF JANUARY, 2025
PRESENT: SEEMA SINHA
[PR. DISTRICT & SESSIONS JUDGE - Retd] PRESIDING OFFICER
SA No. 251/2023 (On maintainability)
Prathiba, W/o. Shivak Kumar, Director, M/s. S.B.R. Agro Products Private Limited, No. 26, Arockya Nagar, First Floor, Pudukkottai Road, Thanjavur – 613 005. --- Applicant
-Vs-
- The Authorized Officer, Indian Bank, Zonal Office, Jenne Plaza Complex, 5F, II Floor, Bharathiyar Salai, Trichy District – 620 001.
- The Branch Manager, Indian Bank, Perambalur Branch, 22/47, Sanjeevarayankoil Street, Perambalur,
Issues for consideration
3 issues framed by the court
Whether an applicant who is a director of the vendor company (not the borrower or mortgagor) is an 'aggrieved person' under Section 17 of the SARFAESI Act, 2002 entitled to file an application to set
Whether the Sale Deed executed in 2015 extinguishes the vendor's right to challenge the auction after selling the property.
Whether a claim of fraudulent Sale Deed and directorial capacity makes the application maintainable at the preliminary stage.
Parties & counsel
- applicant
Prathiba
- respondent
The Authorized Officer, Indian Bank
- respondent
The Branch Manager, Indian Bank, Perambalur Branch
- respondent
M/s. S.B.R. Agro Products Private Limited
- respondent
M/s. S.S. Impex
- respondent
Case details
As recorded by the court registry
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