Debts Recovery Tribunals and Appellate Tribunals
Mrs. Prem Kumari vs INTEC CAPITAL LIMITED and others on 10 September 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
R.A(S.A):6/2025
R.Prema Kumari V/S Intec Capital Limited & Ors 10/09/2026
Learned Counsel for the Appellant and R1 Financial Institution are present.
This appeal is filed against order passed by the Learned Presiding Officer, DRT-I, Karnataka at Bengaluru in D. No. 845 of 2023 on 22.5.2023.
D.No. 845 of 2023 has been filed to quash the order of the Learned XI Additional Chief Metropolitan Magistrate, Bengaluru under Section 14 of the SARFAESI Act, 2002 on 19.11.2021 in Crl. M.P. No. 50463 of 2020. It is the submission of the Learned Counsel for the Appellant that the 3rd Respondent in this Appeal entered into a sale agreement dated 19.4.2013 with the Appellant. By the said sale agreement, he agreed to buy three flats belonging to the Appellant. On 30.11.2013, the sale agreement was cancelled and the absolute sale deed dated 30.11.2013 had been executed in respect of the property concerned in this Appeal. As per the recitals of the sale deed, the sale consideration of Rs.36.00 lakhs had to be paid, as follows:
“The purchaser herein has paid entire sale consideration of Rs.36,00,000/- (Rupees Thirty Six Lakhs Only) to the vendor in the following manner:
a) Rs.16,00,000/- (Rupees Sixteen Lakhs Only) by way of Cheque bearing No. 003302, dated 30.11.2013, drawn on Axis Bank, Kasthuri Nagar Branch, Bangalore.
b) Rs.15,00,000/- (Rupees Fifteen Lakhs Only) by way of Cheque bearing No. 003306, dated 30.11.2013, drawn on Kasthuri Nagar Branch, Bangalore.
c) Rs.5,00,000/- (Rupees Five Lakhs Only) by way of Cash.”
It is further submitted that out these payment conditions, the 3rd Respondent paid only a sum of Rs.15.00 lakhs through cheque and Rs.5.00 lakhs through cash. The cheque issued for Rs.16.00 lakhs, bearing No. 003302 dated 30.11.2013, drawn on Axis Bank, Kasthuri Nagar Branch, Bengaluru has not been honoured for insufficient funds. Thereafter, the Appellant filed a Civil Suit in OS 3357 of 2015 on the file of VI Additional City Civil and Sessions Judge at Bengaluru for recovery of Rs.21,12,000/-, with future interest at 24% per annum. The suit was decreed, and a decree was passed for Rs.21,12,000/-, and further interest at 18% per annum on the balance amount of Rs.16.00 lakhs, from the date of suit till the date of realisation. This was not contested by the 3rd Respondent and, thus, this judgement and decree has become final. Thereafter, the Appellant filed EP No. 1598 of 2018 for recovery of this amount and it is pending execution. It is further submitted that only when the 1st Respondent Financial Institution affixed the notice dated 1.3.2023 titled as “request for vacation of the property” on the secured assed, the Appellant came to know about the SARFAESI proceedings and the order passed under Section 14 of the SARFAESI Act, 2002 in Crl. M.P No.50463 of 2020 and, thereafter, the SA D.No. 845 of 2023 was filed on 6.4.2023 and, thus, there is no question of the Securitization Application being barred by limitation.
At the request of the Learned Counsel for the Respondent Financial Institution, post the matter on 16.10.2026.
Learned Counsel for the Respondent Financial Institution is directed to produce the relevant documents, especially the documents connected with the loan and creation of mortgage in respect of the secured asset.
Sd/-
Chairperson