M. NAZNEEN Vs. AUTHORISED OFFICER INDIAN BANK

JUDGEMENT

(1.) Borrower has committed default. Bank has recalled the loan facilities and preferred O.A. No. 438/1997 before the Debts Recovery Tribunal - I, Chennai. Bank also issued a Possession Notice dated 22.10.2010 followed by a Sale Notice dated 30.11.2010. During the course of hearing Mr. V. Lakshminarayanan, learned counsel appearing for Mr. Govind Chandrasekhar, learned counsel on record for the petitioner, submitted that physical possession of the said property has been taken.

(2.) Bank issued Sale Notice dated 30.11.2010. Questioning the same, borrower has filed S.A.No.51 of 2011 on the file of the Debts Recovery Tribunal - I, Chennai, under Section 17 of the SARFAESI Act, 2002, to call for the records pertaining to the SARFAESI action initiated by the bank, to set aside the Sale Notice dated 10.01.2011 and the sale conducted on 18.02.2011.

(3.) Bank has opposed the prayer sought for.