LAWS(MAD)-2015-7-128

THOMAS KURUVILLA Vs. CANARA BANK AND ORS.

Decided On July 31, 2015
THOMAS KURUVILLA Appellant
V/S
Canara Bank and Ors. Respondents

JUDGEMENT

(1.) This is an application to review the order dated 31 August, 2010 in C.R.P.(PD)(MD)No. 2488 of 2008, whereby and whereunder, this Court dismissed the Civil Revision Petition filed by the applicant.

(2.) The applicant availed financial assistance from Canara Bank, Dindigul Main Branch. Since the applicant failed to repay the loan amount, the bank initiated proceedings before the Debts Recovery Tribunal, Madurai. The Tribunal issued a Recovery Certificate on 18 September, 2000. The Recovery Officer, pursuant to the Recovery Certificate, attached the secured asset and put it for sale. The applicant moved the Debts Recovery Tribunal to stay the auction. The Tribunal granted interim stay, subject to the condition that the applicant should deposit a sum of Rs. 2,00,000/- and settle the matter with the bank. The applicant duly complied with the condition with regard to deposit. Even then, the property was auctioned on 25 April, 2008. The bid submitted by the third respondent was accepted by the Recovery Officer.

(3.) The Debts Recovery Tribunal passed final orders on 18 December, 2008 holding that sale was validly conducted cannot be set aside, but however, on account of the settlement reached with the Bank and payment of more amount by the debtor, much more than the amount fetched in the public auction, the sale will be set aside in case full satisfaction is recorded within 15 days and interest at the rate of 12% on the sale amount is paid to the auction purchaser.