Madras High Court
P.Senthamil Selvi vs The Chief Manager on 18 August, 2021
W.P.No.7637 of 2021
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 18.08.2021
CORAM :
THE HON'BLE MR.SANJIB BANERJEE, CHIEF JUSTICE
AND
THE HON'BLE MR.JUSTICE P.D.AUDIKESAVALU
W.P.No.7637 of 2021
P.Senthamil Selvi .. Petitioner
Vs
1.The Chief Manager,
Indian Bank, (ARM Branch),
Puliyakulam (Customs),
Coimbatore – 641 018.
2.M/s.Srivari Enterprises,
Office 1: No.11/15A SRP Nagar,
2nd Cross, Saibaba Colony,
Coimbatore.
3.Madhangopal
4.Mahalakshmi
5.Prem Chander .. Respondents
(Respondent Nos.2 to 5 impleaded as per the
order dated 24.03.2021)
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W.P.No.7637 of 2021
Prayer: Petition filed under Article 226 of the Constitution of India for
issuance of a writ of mandamus directing the first respondent to
implement the terms of the confirmation letter dated 03.02.2020 by
executing the sale deed of the auctioned securities immovable
properties comprised in G.S.No.41, Old T.S.No.9/5/1 Part, New
T.S.No.9/4/3 Part, Coimbatore Town Municipal Ward Old No.9, New
No.5, Ram Nagar, East West Cross Road, Ponne Gowder Road at
Anuparpalayam Village, Coimbatore in an extent of 4821 sq. ft. or 11
cents 25 sq. ft. of land and RCC building in that western half portion of
property with an extent of 2410 sq. ft. or 5 ½ cents land with door
numbers 581, 582, 584 and 585 in the petitioner's favour and to put
the petitioner in vacant and immediate possession of the said property
by the first respondent after execution of the sale deed and comply
with the request of the petitioner in accordance with the petitioner's
representation dated 19.2.2021.
For Petitioner : Mr.V.Lakshminarayanan
for M/s.R.Vasudevan
For Respondents : Ms.S.R.Sumathy
for respondent No.1
: Mr.K.J.Parthasarathy
for respondent No.3
: R2, R4 and R5
No Appearance
ORDER
(Order of the Court was made by The Hon'ble Chief Justice)
The grievance of the petitioner, a successful auction-purchaser
at a sale conducted by the respondent secured creditor under the
Securitisation and Reconstruction of Financial Assets and Enforcement
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W.P.No.7637 of 2021
of Security Interest Act, 2002, is that despite a marginal delay in
depositing the balance consideration on account of the difficulties faced
during the lockdown, the secured creditor says that the sale can no
longer be concluded in the petitioner's favour.
2. In certain other matters wherein the same issue had arisen, in
view of the difficulties faced during the lockdown, this court had
permitted the balance payment to be accepted by the secured
creditors upon interest at the rate of 10 per cent per annum being
directed to be paid. The provision for interest was made as the
secured creditors indicated that, in terms of Rule 9 of the Security
Interest (Enforcement) Rules, 2002, the secured creditor had no
authority to extend the time for the balance consideration to be put in
by the auction-purchaser beyond 90 days from the date of the auction.
3. In this case, the borrower is represented and the borrower
relies on a judgment reported at (2018) 1 SCC 626 (Agarwal Tracom
Private Limited v. Punjab National Bank). Such judgment instructs
that even the issue as to whether the money deposited by the auction-
purchaser may be forfeited can be taken up by the appropriate tribunal
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W.P.No.7637 of 2021
under Section 17 of the Act of 2002.
4. Section 17 of the Act contains wide words and permits any
person aggrieved by any measure adopted by a secured creditor to
carry a grievance to the jurisdictional Debts Recovery Tribunal. There
is no doubt that the sale of a property or anything done in connection
therewith pertains to a measure under Section 13(4) of the Act. In
view of the said judgment, the petitioner is permitted to approach the
appropriate Debts Recovery Tribunal for the grievance contained in the
petition.
5. W.P.No.7637 of 2021 is disposed of without going into the
further merits of the matter.
There will be no order as to costs.
(S.B., CJ.) (P.D.A., J.)
18.08.2021
Index : No
bbr
To:
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W.P.No.7637 of 2021
The Chief Manager,
Indian Bank, (ARM Branch),
Puliyakulam (Customs),
Coimbatore – 641 018.
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W.P.No.7637 of 2021
THE HON'BLE CHIEF JUSTICE
AND
P.D.AUDIKESAVALU, J.
bbr
W.P.No.7637 of 2021
18.08.2021
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