M/s Shiv Shankar Agencies, with G. Ramanujam as guarantor, defaulted on a loan from the Indian Bank. A preliminary decree was passed in 1997. After G. Ramanujam's death in 2001 and failed settlement attempts, the bank initiated SARFAESI proceedings in 2009, leading to an auction sale of the mortgaged property in 2010. The appellant (G. Ramanujam's daughter) and other heirs challenged these proceedings and the auction sale before the DRT, DRAT, and the High Court, primarily on grounds of limitation and procedural irregularities in the auction. All lower forums upheld the bank's actions.
One S. Murugesan, sole proprietor of M/s Shiv Shankar Agencies, availed financial assistance from the secured creditor (Indian Bank) in 1984.
G. Ramanujam stood as guarantor for the loan and mortgaged his immovable property in favour of the secured creditor.
Due to default by the borrower, the secured creditor instituted a suit before the City Civil Court, Chennai, seeking recovery of outstanding dues.
On 10.09.1997, the City Civil Court passed a preliminary decree for Rs. 1,87,004.23 (total Rs. 1,92,400.23p including court fee) with 18% interest per annum.
G. Ramanujam expired on 26.09.2001, leaving behind his heirs, including the appellant, M. R. Vasumathi.
Several attempts for amicable settlement between the secured creditor and G. Ramanujam's heirs failed.
…Sign in to view the parties.
S. Murugesan availed financial assistance from…
City Civil Court, Chennai, passed a preliminary…
Sign in to view related legal provisions.
M/s Shiv Shankar Agencies, with G. Ramanujam as guarantor, defaulted on a loan from the Indian Bank. A preliminary decree was passed in 1997. After G. Ramanujam's death in 2001 and failed settlement attempts, the bank initiated SARFAESI proceedings in 2009, leading to an auction sale of the mortgaged property in 2010. The appellant (G. Ramanujam's daughter) and other heirs challenged these proceedings and the auction sale before the DRT, DRAT, and the High Court, primarily on grounds of limitation and procedural irregularities in the auction. All lower forums upheld the bank's actions.
One S. Murugesan, sole proprietor of M/s Shiv Shankar Agencies, availed financial assistance from the secured creditor (Indian Bank) in 1984.
G. Ramanujam stood as guarantor for the loan and mortgaged his immovable property in favour of the secured creditor.
Due to default by the borrower, the secured creditor instituted a suit before the City Civil Court, Chennai, seeking recovery of outstanding dues.
On 10.09.1997, the City Civil Court passed a preliminary decree for Rs. 1,87,004.23 (total Rs. 1,92,400.23p including court fee) with 18% interest per annum.
G. Ramanujam expired on 26.09.2001, leaving behind his heirs, including the appellant, M. R. Vasumathi.
Several attempts for amicable settlement between the secured creditor and G. Ramanujam's heirs failed.
…S. Murugesan availed financial assistance from…
City Civil Court, Chennai, passed a preliminary…
Sign in to view related legal provisions.