In this SARFAESI application, the applicant contested a sale notice issued by the respondent bank. After admitting the account was settled and paying the full amount, the Tribunal disposed of the application based on the filed settlement memo.
Application disposed of as settled; Sale notice and other pending matters vacated/no order as to cost.
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.
1
SA. No. 559 of 2023
07.02.2025
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 7th day of February, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
SARFAESI APPLICATION No. 559 of 2023
M/s. Sri Raja Rajeswari Transport Rep by its Sole Proprietor, Old No. 31, New No. 42, Periyar Ramasamy Street, Ethiraj Nagar, Chennai – 600 033.
….Applicant
-Vs-
The Authorized Officer, M/s. Indian Bank, South Usman Road Branch. 32/36, 1st Floor, South West Boag Road, T. Nagar, Chennai – 600 017. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s. T. Balaji Counsel for respondent : M/s. P.V. Muralidhar
ORDER ON SA 559 /2023
and he had filed a memo. The SA has been filed challenging the sale notice dated 12.10.2024.
2
SA. No. 559 of 2023
07.02.2025
2 The applicant submits that the conditional order imposed by this Tribunal is complied and the applicant approached the Respondent for One Time Settlement of the Loan Account as per the same the applicant paid the entire amount, hence the applicant requesting the Tribunal to withdraw this SA.
parties.
(Dictated to the Stenographer, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 7th day of February, 2025)
Sd/- (S.V. GOWRAMMA) PRESIDING OFFICER-DRT III
2 issues framed by the court
Whether a SARFAESI application seeking to set aside a sale notice should be disposed of when the loan account is settled.
Whether the applicant is entitled to withdrawal of the SARFAESI application upon payment of the entire loan amount.
M/s. Sri Raja Rajeswari Transport Rep by its Sole Proprietor
The Authorized Officer, M/s. Indian Bank, South Usman Road Branch
S.V. Gowramma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
