The Debt Recovery Appellate Tribunal disposed of an appeal challenging an interim stay order in SARFAESI proceedings. The Tribunal directed the lower court to expedite the main petition and extended the status quo for two months.
Directed the DRT to dispose SA 449/2022 expeditiously; status quo continued for two months.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 18th Day of June, 2025
PRESENT: HON'BLE MR. JUSTICE G. Chandrasekharan CHAIRPERSON
MA (SA) 26/2025
(Arising out of IA 5023/2024 in IA 2789/2024 in SA 449/2022 on the file of DRT, Coimbatore)
Between
The Authorized Officer
Canara Bank.
Chinniyam Palayam,SME No. 209,210 Jeeva Street, Near Bus Stand, Chinniyam Palayam, Coimbatore - 641 062. …Appellant
And
Proprietor Mr.V.Selvakumar
S.F. No. 258/11
No. 3/78, Veliyankadu, Kedathuraipudur, Poomalar Post, Mangalam (via), Tirupur - 641 663.
S/o. Velusamy, No. 340, Opposite to KVB Bank Ltd, Behind VankataLakshmi Kalyana Mahal, Somanur Road, Karumathampatti, Coimbatote -641 668.
1
S/o. Selvaraj No. 16F, Balasubramaniam Nagar, Peelamedu, Coimbatore. …..Respondents Counsel for Appellant : Mr. S.Pandurangan Counsel for R1 to R3 : M/s.McGan Law Firm Counsel for R4 : Mr. V.Ananda Murthy
ORDER
1. This appeal is filed under Section 18 of the SARFAESI Act challenging the order passed in IA 5023/2024 in IA 2789/2024 in SA 449/2022 on 08.01.2025 by the Learned Presiding Officer, DRT, Coimbatore.
2
grant of status quo . The main SA 449/2024 filed challenging the Section 14 proceedings is still pending. In the said circumstances, this appeal can be disposed with a direction to the Learned Presiding Officer, DRT, Coimbatore to dispose the SA 449/2022, as expeditiously as possible.
[Dictated to Steno (DD), transcribed by her, corrected, signed and pronounced by me in open court, this 18th June, 2025]
Sd/- [Justice G. Chandrasekharan] CHAIRPERSON
3
2 issues framed by the court
Whether the appeal against the interim order staying the SARFAESI proceedings should be allowed after the main section 14 petition remains pending before the DRT.
What order should be passed regarding the continuation of the status quo while the SA 449/2022 is expedited.
The Authorized Officer, Canara Bank
M/s. AKSHAYA TEX
Mr. V. Selvakumar
Mrs. Sumathi Selvakumar
Mr. Sivasankar
G. Chandrasekharan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
