Drat Madras Court January 2009 Judgments

Indian Bank, Barkatpura, Hyderabad, Rep. by Its Chief Manager and Auth ...

Court: DRAT Madras

1. This Appeal is preferred by the Appellant challenging the impugned Order passed by the DRT, Hyderabad, in IA No.635/2008 in SA No.164/2008 on 4.8.2008. 2. The facts leading to the filing of this Appeal may be set out briefly as under :- The Appellant Bank had initiated measures under Sections-13(2) and 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Secured Interest Act, 2002 (hereinafter called as SARFAESI Act) against the Respondents for recovery of the outstanding liability of Rs.4,66,789/- with cost and interest as the Respondent failed to repay the loan availed from the Bank. Hence the Respondent filed the Application in SA No.164/2008 on the file of the DRT, challenging the action taken by the Appellant Bank. While the said proceedings was pending, the Respondent filed the Application in IA No.635/2008 seeking re-delivery of the Schedule property, which had been taken possession by the Appellant Bank. The Appellant filed a detailed Counter...