The Debts Recovery Tribunal held that since the auction scheduled under the SARFAESI Act did not materialise due to want of bidders, and no other measures were under challenge within the limitation period, the Securitization Application became infructuous. The application stood disposed of accordingly, and any interim order held was 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.327/2023
27.02.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 27th day of February, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
SARFAESI APPLICATION No. 327 of 2023
Mrs. S. Malarvizhi W/o G. Srinivasan No.2, VOC Street Kamaraj Nagar Gorimedu Puducherry – 605 006 ….Applicant -VsIndian Bank Rep. by its Authorised Officer Zonal Office 100 Feet Road Puducherry ….Respondent
Counsels on record / appeared:
Counsel for Applicants : M/s D. Senthil Kumar Counsel for Respondent : M/s R. Jagadeesan
ORDER ON SA No. 327 OF 2024
The present Securitization Application [SA] is filed on 17.06.2023 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].
SA No.327/2023
2
27.02.2025
for Rs.1,80,000/- on or before 11 a.m. on 26.06.2023 and another 10% of the amount due within a period of four weeks thereafter. Notice was ordered to respondent bank returnable by 09.08.2023. Applicant had reported compliance 1st part of conditional order by way of filing memo however, did not comply with second part.
Heard the Learned Counsels appearing for the respective parties and perused the records of the case.
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the
27th day of February, 2025)
1 issue framed by the court
Whether the Securitization Application survives for adjudication after the scheduled auction failed to materialise due to lack of bidders.
1 provisions across 1 enactments
Mrs. S. Malarvizhi
Indian Bank
S.V. GOWRAMMA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
