C S Ajith v. Axis Bank
Case brief
What is this about?
The DRT dismissed an application to condone a 31-day delay in filing a Securitization Application under Section 17 of the SARFAESI Act. Relying on Supreme Court precedents, the court held the 45-day limitation is mandatory and cannot be extended on equitable grounds.
What did the court decide?
The application for condonation of delay was dismissed, leading to the dismissal of the Securitization Application.
What the court decided
SA No.384/2025
1
24.06.2025
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 24th day of June, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
IA.No.1373/2025 in
SA.No.384/2025
Mr. C.S. Ajith, S/o. C.K. Subramanian, Plot No.1, 1st Cross Street, 2nd Street, Arulmurugan Ramamurthy Nagar, Chrompet, Chennai -600 044. ….Applicant
-Vs-
The Manager Recoveries, Mortgage Loan Divisions, Axis Bank, No.82, Dr. Radha Krishnan Salai, Mylapore, Chennai -600 004. ….Respondent
Counsels on record / appeared:
Issues for consideration
2 issues framed by the court
Whether the Debts Recovery Tribunal has the power to condone a delay of 31 days in filing an application under Section 17 of the SARFAESI Act.
Whether the 45-day limitation period under Section 17(1) of the SARFAESI Act for challenging measures under Section 13 is mandatory and not subject to condonation of delay.
Parties & counsel
- applicant
C.S. Ajith
- respondent
The Manager Recoveries, Mortgage Loan Divisions, Axis Bank
Coram
Smt. S.V. Gowramma
Case details
As recorded by the court registry
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