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2018 Supreme(Mad) 872

S.MANIKUMAR, V.BHAVANI SUBBAROYAN
A. R. Moulds and Dies India Private Limited Rep. By its Managing Director Y. Rajan Coimbatore – Appellant
Versus
International Asset Reconstruction Company Pvt. Ltd Rep. By its Authorised Officer Chennai – Respondent


Advocates Appeared:
For the Petitioners:T. Sai Krishnan, Advocate.

JUDGMENT :

S. Manikumar, J

1. Petitioner borrowed money from Axis Bank and defaulted. Bank issued demand notice, dated 3/11/2012, for Rs.6,37,45,462/-. Demand notice was followed by a possession notice, dated 3/5/2013. Being aggrieved, petitioner filed S.A.No.90 of 2013, on the file of the Debts Recovery Tribunal, Coimbatore. Bank assigned the loan account to M/s. International Asset Reconstruction Company Pvt. Ltd., Chennai. Bank approached the District Collector-cum-District Magistrate, Coimbatore, for taking physical possession, under Section 14 of the SARFAESI Act, 2002 and on 31/1/2017, orders were passed.

2. Petitioners have filed I.A.No.2160 of 2017, to permit them to amend the application, relating to the appeal S.A.No.90 of 2017, on the file of the Debt Recovery Tribunal, Coimbatore. On 6/11/2017, Debts Recovery Tribunal in I.A.No.2160 of 2017 in S.A.No.90 of 2017, granted status-quo. On the filing of the vacate stay petition in I.A.No.2375 of 2017 and upon hearing the learned counsel for the parties, vide order dated 8/2/2018, Debts Recovery Tribunal, Coimbatore, vacated the interim order.

3. Being aggrieved, petitioners have filed AIR (SA) No.117 of 2018, before the Debts Re






































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