Disposed

Jegan.G v. The Authorised Officer

Madras HC25 Apr 2023WP(MD)/9894/2023

Case brief

AI extract

What is this about?

The Madurai Bench of the Madras High Court disposed of a writ petition challenging a bank's e-auction sale notice. The court granted a stay on the sale if the petitioner paid a lump sum by the auction date and the balance in installments thereafter.

What did the court decide?

Stay on e-auction sale granted. Petitioner directed to pay Rs.10,98,232 by 22.05.2023 and balance Rs.30,00,000 in five monthly installments starting June 2023.

Jegan.G Vs The Authorised Officer — Banking and Recovery | Madras HC (2023)

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W.P.(MD) No.9894 of 2023

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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

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DATED : 25.04.2023

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CORAM:

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THE HON'BLE MR.T.RAJA, ACTING CHIEF JUSTICE and THE HON'BLE MR.JUSTICE R.SUBRAMANIAN

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W.P.(MD) No.9894 of 2023 and W.M.P.(MD) No.8725 of 2023

G.Jegan

... Petitioner

-vs-

The Authorized Officer Indian Overseas Bank Manachanallur Branch Opp.to Municipal Park Trichy-Thuraiyur LF Road Manachanallur-621 005 Trichy District ... Respondent

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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 e-auction sale notice issued by the respondent dated 10.04.2023 by fixing the e-auction on 22.05.2023 and quash the same as illegal.

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Page 1 of 5

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.9894 of 2023

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For Petitioner : Mr.T.Lenin Kumar

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For Respondent : Mr.N.Dilip Kumar Standing Counsel

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O R D E R

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[Order of the Court was made by The Hon'ble ACTING CHIEF JUSTICE]

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In view of the fact that the Debts Recovery Tribunal, Madurai, is not manned, we are entertaining this writ petition.

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2. Mr.N.Dilip Kumar, learned counsel, takes notice for the respondent – Bank.

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3. With the consent of both sides, this writ petition is taken up for final hearing at the admission stage itself.

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4. The sale notice, dated 10.04.2023, issued by the respondent – Bank, is under challenge in this writ petition.

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5. Sale is scheduled to be held on 22.05.2023.

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Page 2 of 5

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.9894 of 2023

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6. Learned counsel for the petitioner would submit that the

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petitioner would be in a position to liquidate the entire debt, if sometime is granted to him.

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7. In order to give an opportunity to the petitioner to redeem the

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secured asset, this writ petition is disposed of with the following directions:

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(i) The respondent – Bank shall not proceed with the sale, if the petitioner pays a sum of Rs.10,98,232/(Rupees ten lakhs ninety eight thousand two hundred and thirty two only) to the respondent – Bank, on or before 22.05.2023.

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(ii) The balance amount of Rs.30,00,000/- (Rupees thirty lakhs only) shall be paid by the petitioner in five equated monthly installments commencing from June, 2023. The monthly instalments shall be paid on or before 22^nd of every succeeding month.

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(iii) The interest payable for the interregnum period and the cost of the sale shall be paid along with the last installment.

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Page 3 of 5

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.9894 of 2023

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(iv) If there is a default in payment as directed above, the respondent – Bank can proceed with the sale.

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No costs. Consequently, connected miscellaneous petition is closed.

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[T.R., A.C.J.] [R.S.M., J.] 25.04.2023

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NCC : Yes / No Index : Yes / No Internet : Yes / No

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krk

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Page 4 of 5

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https://www.mhc.tn.gov.in/judis

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W.P.(MD) No.9894 of 2023

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T.RAJA, A.C.J. and R.SUBRAMANIAN , J.

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krk

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W.P.(MD) No.9894 of 2023 and W.M.P.(MD) No.8725 of 2023

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25.04.2023

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____________ Page 5 of 5

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https://www.mhc.tn.gov.in/judis

Jegan.G v. The Authorised Officer

Case brief

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What did the court decide?

Jegan.G v. The Authorised Officer

Case brief

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