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D. KRISHNAKUMAR, R. VIJAYAKUMAR
Sunaichandran Spintex (P) Ltd. , Represented by its one of the Director T. Sunaichandran – Appellant
Versus
Authorized Officer, The Tamilnadu Industrial Investment Corporation Ltd (TIIC) – Respondent
ORDER :
(R. Vijayakumar, J.)
(Prayer in WP(MD).No.22929 of 2021: Writ Petition has been filed under Article 226 of Constitution of India to issue a writ of Mandamus, directing the respondents to extend the period of time granted by the Debts Recovery Tribunal, Madurai in its order dated 13.10.2021 in S.A.No.454 of 2021 by directed the petitioner's to deposit a sum of Rs.70 lakhs to the 1st respondent bank.)
(Prayer in WP(MD).No.194 of 2022: Writ Petition has been filed under Article 226 of Constitution of India to issue a writ of Declaration to declare that the auction sale conducted by the 1st respondent on 15.02.2021 as null and void and not in conformity with the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in consequentially direct the respondents and to restore the Auctioned property situated in Door No.404 (13F) Elanthiraikondan Village, Rajapalayam Taluk, Virudhunagar District in favour of the petitioner.)
1. W.P(MD).No.22929 of 2021 has been filed for a mandamus directing the respondents to extend the period of time granted by the Debts Recovery Tribunal, Madurai by its order dated 13.10.2021 in S.A.No.454 of 2021 by dire
The court dismissed the writ petition as the petitioner failed to comply with prior court orders, emphasizing obligations to meet financial conditions imposed by the Debts Recovery Tribunal.
The impact of communication from the bank on the actions of auction purchasers and the compliance with the Security Interest (Enforcement) Rules were central to the court's decision.
The main legal point established in the judgment is the interpretation of Rule 9(4) and 9(5) of the Security Interest (Enforcement) Rules, 2002, highlighting the requirement for the purchaser to pay ....
The discretion of the court in granting stay orders and the consideration of extenuating circumstances such as the impact of the pandemic on businesses.
The court delineates the procedural rights of a borrower to contest post-auction sales within given time frames under SARFAESI.
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