V Prabhakaran v. Union Bank of India
Case brief
What is this about?
This DT-III, Chennai allowed a secuuritization application filed under Section 17(1) of the SARFAESI Act. The secured creditor, Union Bank of India, was directed not to file the sale notice'
What did the court decide?
Sale notice dated 04.10.2024 and consequent sale set aside; Respondent bank directed not to include impugned Sale Notice expenses in borrower's loan account.
What the court decided
SA No.744 of 2024
13.03.2025
1
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. 744 of 2024
Mr. V. Prabhakaran S/o Venkatesan Plot No.77, South Part D.No.9, Vittal Street Gnanmurthi Nagar, Meenambedu Ambattur – 600 053 Chennai ….Applicant -VsThe Authorised Officer Union Bank of India Asset Recovery Branch No.9, Elcanso Complex Casa Major Road Egmore, Chennai – 600 008 ….Respondent
Counsels on record / appeared: Counsel for Applicant : Sh. B. Thilak Narayanan Counsel for Respondent Bank : M/s K. Sarath Babu
ORDER ON SA No. 744 OF 2024
The present Securitization Application [SA] is filed on 23.10.2024 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].
Issues for consideration
2 issues framed by the court
Whether the SARFAESI secuuritization application filed by the borrower challenging the sale notice should be allowed due to the secured creditor's non-filing of counter.
Whether the sale notice dated 04.10.2024 and consequent sale, if any held on 21.10.2024, should be set aside.
Parties & counsel
- applicant
V. Prabhakaran
- respondent
Union Bank of India
Coram
S.V. Gowramma
Case details
As recorded by the court registry
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