Writ petition filed to quash sale notice under SARFAESI Act. Court allowed Petitioner's One Time Settlement proposal. Directed Bank to consider it within specific timelines based on RBI norms.
Petitioner directed to submit One Time Settlement proposal within two weeks. Respondent Bank directed to consider it and pass orders within four weeks.
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W.P.(MD) No.23367 of 2022
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT
DATED : 02.01.2023
CORAM:
THE HONOURABLE MR.JUSTICE D.KRISHNAKUMAR AND
THE HONOURABLE MR.JUSTICE R.VIJAYAKUMAR
W.P.(MD)No.23367 of 2022 and W.M.P.(MD)No.17441 of 2022
Ezhilan
... Petitioner
-Vs-
The Authorized Officer,
Canara Bank, Thuvakudi Branch, Trichy. ... Respondent
PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorari, to call for the records relating to the impugned sale notice dated 03.08.2022 under Section 13(4) of SARFAESI Act r/w Rule 8(6) of SARFAESI Rules issued by the respondent and to quash the same as illegal. For Petitioner : Mr.M.Sankar For Respondent : Mr.C.Deepak, Standing Counsel
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W.P.(MD) No.23367 of 2022
ORDER
[Order of the Court was made by D.KRISHNAKUMAR, J.]
The sale notice issued by the respondent dated 03.08.2022, fixing the
date for sale on 07.09.2022, is under challenge in this Writ Petition.
2.Today, when the matter was taken up for hearing, the learned counsel for the petitioner submitted that the petitioner is inclined to submit a proposal for One Time Settlement to the respondent Bank, within a period of two weeks and it would suffice, if a direction is issued to the respondent Bank to consider the said OTS proposal of the petitioner within a time frame.
3.In reply, the learned Standing Counsel for the respondent Bank submitted that if the petitioner submits such proposal for OTS, the same would be considered on merits and in accordance with law, within a time frame to be stipulated by this Court.
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W.P.(MD) No.23367 of 2022
4.In view of the aforesaid submissions made on either side, this Writ Petition is disposed of, directing the petitioner to submit a proposal for OTS to the respondent Bank within a period of two weeks from the date of receipt of a copy of this order. On receipt of such proposal, the respondent Bank is directed to consider the same and pass necessary orders on merits and in the light of RBI
norms, within a period of four weeks thereafter. No costs. Consequently, connected miscellaneous petition is closed.
[D.K.K., J.] & [R.V., J.] 02.01.2023
NCC : Yes / No Index : Yes / No Internet : Yes / No
Myr
Page 3 of 4
W.P.(MD) No.23367 of 2022
D.KRISHNAKUMAR, J. AND R.VIJAYAKUMAR , J.
Myr
W.P.(MD)No.23367 of 2022
02.01.2023
Page 4 of 4
2 issues framed by the court
Whether the sale notice dated 03.08.2022 issued under Section 13(4) of SARFAESI Act be quashed.
Whether a direction can be issued to the Bank to consider the Petitioner One Time Settlement proposal.
3 provisions across 3 enactments
Ezhilan
The Authorized Officer, Canara Bank, Thuvakudi Branch, Trichy
D.KRISHNAKUMAR
R.VIJAYAKUMAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
