Debts Recovery Tribunals and Appellate Tribunals
KARUR VYSYA BANK vs KUM KUM MALHOTRA on 12 July 2022
IN THE DEBTS RECOVERY TRIBUNAL AT COIMBATORE
DATED THIS 12th DAY OF JULY, 2022
PRESENT: SHRI. M.P. BALASUBRAMANIAN, M.A., B.L., PRESIDING OFFICER
MIA No.149/2021
In
R.P.No.207 of 2008
In
DRC No.206 of 2008
In
TA No.138 of 2002
Between
M/s. ASREC (India) Limited,
Room No.3, IIIrd Floor,
Wellingdon Estate,
53, Ethiraj Salai, Egmore,
Chennai – 600 008.
…
Applicant
And
M/s.Body Basics,
Represented by
Smt. Sharada Menon,
W/o.K.S.Viswanatha Menon,
Legal heir of the deceased Anil Menon,
No.17 & 20, Land Mark Towers,
2/10, Pallavan Street,
Amarjothi Nagar,
Tirupur – 641 604.
…
Respondent/
Certificate Debtor
Counsel for Petitioner Applicant/FI
:
Shri. K.Sethuram
Counsel for Auction Purchaser
:
Shri.Ganesh
Counsel for Third party
:
Shri.P.Selvakumar
2 MIA No.149/2021
in TA No.138/2002
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O R D E R
1. The Applicant has filed this Application to record the part satisfaction of amount realized towardsthe dues of 1st Respondent/FI and also to return the original Title Deeds of documents to the Applicant herein so as to hand over the same to the Auction Purchaser pursuant to the sale of the property held on 30.09.2020 by the Applicant under the SARFAESI Act.
2. The Ld. Counsel for the Applicant submitted that the property having sold under the SARFAESI Act for a sum of Rs.2,36,00,000/- towards the dues of the Applicant/FI, the same required to be recorded as part satisfaction of the dues to be recovered against the certificate debtor, the sum being Rs.11,48,58,161.73 as on 30.09.2012 as per the DRC No.206/2008 issued by this Hon’ble Tribunal.
3. The Ld. Counsel further submitted that the schedule mentioned document in the petition which is part of the TA filed by the Applicant Bank in TA No.138/2002 as Exts.A72 to A74 and A94 and A95 to be returned to the Applicant/FI so as to handover the same to the Auction purchaser.
4. This Tribunal also heard the submission made by the Ld. Counsel for the Auction Purchaser and the Ld. Counsel for the 3rd party who were the contesting parties in SA No.481/2020 & SA No.163/2022. And this Tribunal having dismissed the said SAs, the prayer made by the Applicant FI is stand allowed by this Tribunal.
5. Accordingly, the Registry is directed to return the documents to the Applicant/FI in accordance with law and the sum of Rs.2,36,00,000/- realized by the Applicant/FI is recorded as part satisfaction of the loan dues to be recoverable by the Applicant/FI and the Recovery Officers shall also note the same for initiating further proceedings as the case, may be in the DRC.No.206/2008 issued by this Tribunal. (Dictated to my PA directly on the computer, corrected and pronounced by me in the Open Tribunal on this 12th Day of July, 2022) Sd/-
[M.P. BALASUBRAMANIAN] PRESIDING OFFICER