The Debts Recovery Tribunal dismissed a Securitization Application filed by a borrower to set aside a sale notice issued by a secured creditor, holding the application infructuous as the scheduled sale had not taken place and the limitation period for challenging notices had expired.
The Securitization Application stands disposed of as having become infructuous.
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SA No. 675 of 2023
13.03.2025
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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 13th day of March 2025
Present: SMT. S.V. GOWRAMMA
Presiding Officer
SARFAESI APPLICATION No.675 of 2023
Mrs. V. Geetha W/o R. Sivabalan Plot No.31 & 32, Near Odiampet Main Road Annai Nagar, Villianur Puducherry – 605 110 ….Applicant -VsThe Authorised Officer Indian Bank, No.70, Cuddalore Road Mudaliarpet, Puducherry – 605 004. ….Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s S. Suseela Devi Counsel for Respondent : Mr. R. Jagadeesan
ORDER
The present Securitization Application [SA] is filed on 19.12.2023 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. 675 of 2023
13.03.2025
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as on 23.11.2023 and the prayer as sought for in the SA is to set aside the sale notice.
Heard the Learned Counsels appearing for the respective parties and perused the records of the case.
SA No. 675 of 2023
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13.03.2025
period of 45 days as required under section 17(1) of the Act. Hence, nothing survives for adjudication in the present SA.
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this
the 13th day of March, 2025)
3 issues framed by the court
Whether a Securitization Application filed under Section 17 SARFAESI Act is maintainable after the scheduled sale date has passed without the sale taking place.
Whether the claim for challenging Section 13(2) and 13(4) measures survives given the 45-day limitation period under Section 17(1).
Whether the application for setting aside the sale notice is infructuous.
1 provisions across 1 enactments
Mrs. V. Geetha
Indian Bank
S.V. Gowramma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
