The Tribunal confirmed the dismissal of an SA challenging symbolic possession under SARFAESI. Notices were sent to the guarantor, borrower, and spouse, with proper affixture and newspaper publication. The case emphasizes the importance of timely communication and procedural compliance in recovery proceedings.
The DRAT set aside the DRT order directing the bank to update credit information, ruling that former directors and guarantors cannot reopen withdrawn loan proceedings to alter CIBIL records.
The appellate tribunal restrained the bank from taking physical possession of the property until disposal of the pending application or the three-month period, ensuring fair treatment of the appellant.
DRAT Chennai held that mortgage created on the basis of copy of the sale deed is not legal. Accordingly, mortgage created in favour of the Punjab and Sind Bank based on copy of the sale deed is held invalid.
DRAT Chennai held that person aggrieved by an order of the recovery officer can prefer an appeal before Debts Recovery Tribunal. Accordingly, DRAT disposes of this Appeal by sending the appeal to DRT.
