Dismissed

A Dheepa v. Axis Bank

DRT18 Feb 2025SA/558/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal dismissed the Securitization Application filed by the borrower to set aside a bank's sale notice. Application was withdrawn by the applicant citing lack of funds, while the bank confirmed the auction sale and readiness to hand over surplus proceeds, rendering no issue for adjudication.

What did the court decide?

SA No. 558 of 2023 stands dismissed in terms of memos filed by both parties. All interim orders vacated.

A Dheepa versus Axis Bank — Specific Performance | DRT (2025)

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SA No.558/2023 (C)

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18.02.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 18^th day of February, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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SARFAESI APPLICATION No. 558 of 2023

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Mrs. A. Dheepa No.30, Nehru Street, Maruthi Nagar Ayyappanthangal Chennai – 600 077

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Also at A. Dheepa No.5/9, Theivanambi Street Sekar Nagar, Saidapet Chennai – 600 015

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Mrs. R. Sundari No.5/9, Theivanambi Street Sekar Nagar, Saidapet Chennai – 600 015 ...Applicant

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-Vs-

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Axis Bank – Legal Team 2^nd Floor, Door Old No.14, New No.31 South Mada Street Mylapore Chennai – 600 004 … Respondent Counsels on record / appeared: Counsel for Applicant : M/s Ilayarani Ponraj Counsel for Respondent : M/s Kvp Deepak Raj

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ORDER ON SA No. 558 OF 2023

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The present Securitization Application [SA] is filed on 27.10.2023 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].

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SA No.558/2023 (C)

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18.02.2025

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The applicant is borrower, who have filed the present S.A impugning to set aside/quash the Sale Notice dated 25.09.2023 issued by respondent bank scheduling sale on 30.10.2023, for recovery of a sum of Rs.1,64,71,953/-.

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During the pendency of SA, respondent bank had filed a memo dated 22.03.2024 submitting therein that the subject property belonging to applicant has been sold through E-auction on 30.10.2023 to M. Dinesh, the highest bidder for an amount of Rs.2,23,30,400/- and the sale has been confirmed vide sale certificate registered as Document No.1376/2024 dated 06.02.2024 before SRO, Joint I, Saidapet.

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It is further submitted that the sale proceeds have been adjusted to the loan account of borrower and the loan account has been closed. A sum of Rs.49,83,619/- being the surplus amount has been taken in the name of 1^st applicant and the same was sent to the 1^st applicant through Courier, which was returned to the bank. Respondent bank is ready to pay the surplus amount to the 1^st applicant. Thus submitting, Ld. counsel for respondent bank prayed for passing necessary orders.

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Ld. counsel for applicant had also filed a memo dated 20.01.2024 submitting therein that applicant doesn’t have sufficient money to contest the case, hence applicant is not pressing the application and prayed for passing necessary orders.

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

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SA No.558/2023 (C)

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18.02.2025

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Memos filed by Ld. counsels for applicant and respondent bank are taken on record.

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As applicant herself had prayed for dismissal of SA as not pressed and respondent bank had also submitted that they are ready to hand over the surplus sale proceeds to applicant, nothing survives for adjudication in this SA. Ld. counsels for both parties have also endorsed in the proceedings sheet.

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Accordingly, SA No.558 of 2023 stands dismissed in terms of memo filed by both parties.

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Interim Order granted if any stands vacated. Pending IA/s if any are disposed of in terms of this Order. No order as to cost.

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Sd/(S.V. GOWRAMMA)

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PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the 18^th day of February, 2025)

A Dheepa v. Axis Bank

Case brief

What is this about?

What did the court decide?

A Dheepa v. Axis Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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