A secured creditor sought leave to appeal an order permitting alienation of mortgaged property to the Chennai Metro Rail Project. The court held the petitioner retains full powers under the SARFAESI Act and mortgage to recover dues via the DRT or SARFAESI proceedings, and refused leave.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
CMP No.6040 of 2024 in OSA SR No.8560 of 2024
R.SUBRAMANIAN, J. and R.SAKTHIVEL, J.
(Order of the Court was made by R.SUBRAMANIAN,J.)
The petitioner seeks leave to file an Appeal against the order granting permission to the first respondent to alienate the property to the Chennai Metro Rail Project. The petitioner claims to be a secured creditor. The petitioner is backed by SARFAESI Act. All powers are vested with the petitioner to take appropriate proceedings under SARFAESI Act. If there is a mortgage in respect of the property in favour of the petitioner, it is well open to the petitioner to realise the monies under the mortgage either by approaching the Debt Recovery Tribunal or by invoking SARFACIE Act. This order will not stand in the way. Hence this application is dismissed.
[R.S.M., J.] [R.S.V., J.] 18.03.2024
jv
Page No.1/1
1 issue framed by the court
Whether leave should be granted to file an appeal against the order permitting the first respondent to alienate property to the Chennai Metro Rail Project.
1 provisions across 1 enactments
Petitioner (secured creditor)
First respondent
R. Subramanian
R. Sakthivel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
