B. NAVAKUMAR Vs. IDBI BANK LTD.

JUDGEMENT

(1.) Navakumar, petitioner herein / borrower has challenged the order made in proceedings No.233/DRDM/C.3/SARFAESI/2017 dated 09.02.2018 of the District Collector-cum-District Magistrate, Puducherry,. Order impugned is as follows:

(2.) Assailing the correctness of the abovesaid order, Ms.Thilakavathi, learned senior counsel for the petitioner submitted that on 14.12016, bank issued, possession notice under Section 13(4) of the SARFAESI Act, 2002 r/w Rule 8(1) of the Security Interest (Enforcement) Rules, 200 Being aggrieved, petitioner has filed S.A.No.69 of 2017, before the Debts Recovery Tribunal-III, Chennai, seeking for a prayer to set aside the possession notice. Subsequently, upon hearing the learned counsel for the parties, Debts Recovery Tribunal-III, Chennai, vide proceedings dated 13.06.2017, dismissed S.A.No.69 of 2017. While doing so, Debts Recovery Tribunal-III, Chennai, granted liberty to the applicant therein to approach the bank for an amicable settlement in terms of the undertaking including the settlement proposal forwarded on 26.04.2017. Bank has been directed to consider the proposal and send reply within a period of two weeks, from the date of passing of the order in S.A.No.69 of 2017 dated 13.06.2017 on the file of Debts Recovery Tribunal-III, Chennai, so as to enable the applicant / writ petitioner to settle the matter amicably.

(3.) According to the learned senior counsel for the petitioner, order in S.A.No.69 of 2017 was received on 16.06.2017. By that time, bank had already initiated proceedings under Section 14 of the SARFAESI Act, 2002, seeking assistance from the District Collector-cum-District Magistrate, Puducherry, for taking physical possession of the property mortgaged.