Drat Madras Court January 2007 Judgments
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Punjab National Bank, Vs. B. Srinivasan, S. Shankar, S.
Court: DRAT Madras
Decided on: Jan-29-2007
This Miscellaneous Appeal is directed as against the Order dated 5.5.2006 in Appeal No. 8/2002, in DRC-130/2001 (TA-1746/1997, DRT-I, Chennai), passed by the DRT-II at Chennai.1. The Appellant viz. Punjab National Bank, obtained a Debt Recovery Certificate for sale of property in TA-1746/1997 dated 6.5.1999 and the DRC dated 16.8.1999. The 4th Respondent herein viz. Indian Bank, also obtained orders in TA-168/1997 dated 15.7.1997, and the date of DRC was 9.1.1998. Pursuant to the DRCs issued in favour of the Appellant and the 4th Respondent, both the Banks brought the property for sale and that in the auction taken by the Punjab National Bank, the sale was fixed on 17.7.2002, and the same was postponed to 5.8.2002. During that point of time, it was brought to the notice of the Recovery Officer by the 4th Respondent Bank, that the property mortgaged to them was put on public auction in DRC-130/2001 on 17.7.2002, by way of filing Affidavit. The Appellant Bank also filed Counter Affidavi...
Mangala Builders Pvt. Ltd., Vs. Syndicate Bank, Arm Branch Rep. by
Court: DRAT Madras
Decided on: Jan-04-2007
1. The 3rd Respondent/1st Defendant (D1) in the OA along with the Appellant herein, filed two Applications in IA No. 443 & 444/2006 in OA No. 1523/1997 and OA No. 84/2001, before the DRT, Bangalore, praying the Tribunal to stay the auction sale held on 20.4.2006, and also to grant time till 18.5.2006, to deposit the balance sale consideration (Rs.2.15 Crores) and also to accept Rs.3.40 Crores as full and final settlement against the dues of the Respondent Banks 1 & 2, and both the Applications came to be dismissed by Order dated 30.5.2006. Aggrieved by the same, this Appeal has been filed.2. The 1st Respondent Bank filed OA-1523/1997, and the 2nd Respondent Bank filed OA-84/2001. By forming a consortium between themselves, a common Recovery Certificate dated 2.2.2006 in DCP No. 1799, was issued by the DRT, Bangalore. Pursuant to the same, the property was brought to sale and it was also sold on 20.4.2006. It appears, the 3rd respondent who is the borrower, moved the 1st & ...
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