Allowed

D.Sundaresan v. the Authorized Officer

Kerala HC5 Oct 2013OP (DRT)/3391/2013

Case brief

AI extract

What is this about?

This order grants the petitioner, D. Sundarsan, an extension to make monthly deposits towards loan arrears under proceedings in the Debt Recovery Tribunal under the SARFAESI Act, overriding a previous strict deposit order due to financial stringency.

What did the court decide?

Petitioner granted extension to deposit Rs. 4 lakhs in Nov-Dec 2013 and Rs. 2 lakhs monthly from Jan 2014; previous order modified accordingly.

D.Sundaresan Vs the Authorized Officer — Banking and Recovery | Kerala HC (2013)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE MR.JUSTICE V.CHITAMBARESH

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SATURDAY, THE 5TH DAY OF OCTOBER 2013/13TH ASWINA, 1935

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OP (DRT).No. 3391 of 2013 (O)

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AGAINST THE ORDER/JUDGMENT IN SA 553/2013 of DEBT RECOVERY TRIBUNAL, ERNAKULAM

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PETITIONER(S)/PETITIONER:-:

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D.SUNDARESAN, AGED 60 YEARS S/O.DIVAKARAN, CHITHRA BHAVAN, K.K.N.NAGAR, KIZHE KALLEYAM, KARAKULAM P.O., THIRUVANANTHAPURAM.

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BY ADV. SRI.N.SASI

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RESPONDENT(S)/RESPONDENTS:-:

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THE AUTHORIZED OFFICER DENA BANK, CHENNAI ZONAL OFFICE B.K.R. CONVENTION CENTRE,

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32-VENKATESAN STREET

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T-NAGAR, CHENNAI - 600 017.

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BRANCH MANAGER, DENA BANK,

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THIRUVANANTHAPURAM, PIN - 695 001.

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BY ADV. SRI. THOMAS. T. VARGHESE BY ADV. SMT.ACHU SUBHA ABRAHAM

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THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 05-10-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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OP (DRT).No. 3391 of 2013 (O)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 TRUE COPY OF THE DEMAND NOTICE DATED 11.09.2012 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER.

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EXHIBIT P2 TRUE COPY OF THE JUDGMENT DATED 01.10.2012 IN WP(C) NO.19631/2012.

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EXHIBIT P3 TRUE COPY OF THE POSSESSION NOTICE DATED 16.07.2013 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. EXHIBIT P4 TRUE COPY OF THE SA NO.553/2013 FILED BEFORE THE DRT, ERNAKULAM WITHOUT ANNEXURES EXHIBIT P5 TRUE COPY OF THE IA NO.2197/2013 IN SA NO.553/2013 FILED BEFORE THE DRT, ERNAKULAM. EXHIBIT P6 TRUE COPY OF THE ORDER IN IA NO.2197/2013 DATED 26.07.2013.

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RESPONDENT(S)' EXHIBITS : NIL

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/TRUE COPY/

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P.A. TO JUDGE.

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V. CHITAMBARESH, J

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OP(DRT) NO. 3391 OF 2013

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Dated this the 5^th day of October, 2013

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JUDGMENT

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The petitioner seeks extension of time to comply with the conditions imposed by the Debts Recovery Tribunal in I.A. No. 2197/2013 in S.A. No. 553/2013. The tribunal directed the petitioner to make an initial deposit of 50,000/- and continue to make a deposit of 2 lakhs every month till the entire loan arrears is wiped off.

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The petitioner contends that he could not deposit the sum of `2 lakhs in the months of September and October, 2013 due to financial stringency. The petitioner however undertakes to make the deposit in the months of November and December, 2013.

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The petitioner shall deposit a sum of 4 lakhs in the months of November and December, 2013. The petitioner will continue the deposit of sum of 2 lakhs every month from January, 2014.

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OP(DRT) No. 3391/2013

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Ext.P6 order is modified accordingly. The parties will be bound by the orders passed in S.A. No. 553/2013 filed under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.

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Any default committed by the petitioner will entitle

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the respondent bank to initiate coercive proceedings.

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The Original Petition is disposed of.

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V. CHITAMBARESH JUDGE

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ncd

D.Sundaresan v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

D.Sundaresan v. the Authorized Officer

Case brief

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What the court decided

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