IN THE HIGH COURT OF JUDICATURE AT MADRAS
Judge, J
Ambalavanan v. K. Kailasam and Another
| Table of Content |
|---|
| 1. review application filed by auction purchaser regarding refund. (Para 1 , 2) |
| 2. sale found to have violated statutory procedures. (Para 3 , 4 , 5) |
| 3. entitlement to interests on refunded amounts discussed. (Para 6 , 7 , 8 , 9) |
| 4. court directs bank to refund and pay interest. (Para 10 , 11) |
1. This review application is filed by the auction purchaser to review the order dated 2 September 2015 in C.R.P.(NPD) No.2210 of 2015, primarily on the ground that while allowing the revision petition filed by the first respondent, direction was not issued to the Bank to refund the sale amount deposited by him along with the stamp duty and registration fee, with interest.
2. The first respondent availed financial assistance from the SAF Branch of Canara Bank, Coimbatore. Since the loan amount was not repaid as per schedule, the Bank initiated proceedings under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , [hereinafter referred to as 'SARFAESI Act']. The first respondent challenged the measures taken by the Bank before the Debts Recovery Tribunal, Coimbatore. The order passed by the Debts Recovery Tribunal (herei
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