Drat Madras Court February 2012 Judgments

A.R. Rajasekaran Vs. the Chief Manager and Authorized Officer, United ...

Court: DRAT Madras

1. The above SARFAESI Application has been filed on 23.09.2011 by the Applicant under Section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act-2002 (Shortly called ‘the Act’) to set aside the Possession Notice dated 16.9.2011 issued under Section 13(4) of the Act by the Respondents. 2. The case of the Applicant in brief is as follows:- 2.1 Dr. AR. Pradeep Kumar (borrower) availed Term Loan of Rs.325 Lakhs on 3.11.2009 from the Respondent Bank to purchase land and building and for construction thereon, and also for the purchase of some additional equipment to upgrade the existing clinic into a technical equipped modern dental cline. The Applicant guaranteed the aid loan and executed necessary documents in favour of the Respondent Bank. The borrower executed necessary documents for availing the loan and sufficiently secured the loan by creating charges over the immovable and movable properties. After availing the loan...