Disposed

Mr R Balu v. Karnataka Bank Limited

DRAT3 Jul 2025MISC APPEAL/34/2025

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal disposed of an appeal filed under Section 18 of the SARFAESI Act challenging an interim stay order. The Tribunal directed the lower DRT to dispose of the substantive stay application expeditiously within two months, noting the main appeal was ripe for arguments.

What did the court decide?

Directing the Learned Presiding Officer, DRT, Coimbatore to dispose of SA 366/2017 within two months; parties to bear their own costs.

Mr R Balu versus Karnataka Bank Limited — Banking and Recovery | DRAT (2025)

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MA (SA) 34/2025

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 3^rd day of July, 2025

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PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN CHAIRPERSON

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MA (SA) 34/2025

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(arising out of IA No.866/2018 in SA 366/2017 on the file of DRT, Coimbatore)

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Between

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Mr. R. Babu, Proprietor of M/s Blue Textiles, No.3/181, Kanakampalayam pirivu, P.N. Road, Tirupur 641 666.

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…..Appellant And The Authorised Officer, Karnataka Bank Ltd., Asset Recovery Management Branch, No.105, 3^rd Floor, Mohan Mansion, Kasturba Road, Bangalore 560 001. …..Respondent Bank Counsel for Appellant : M/s P. Palanikumar & Co. Counsel for Respondent Bank : M/s Ramalingam & Associates

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ORDER

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This appeal is filed under Section 18 of the SARFAESI Act against the

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order dated 11.4.2018 passed by Learned Presiding Officer, DRT,

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Coimbatore in IA No.866/2018 in SA 366/2018.

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MA (SA) 34/2025

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Learned Counsel for appellant and Learned Counsel for respondent bank

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are present in VC.

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This appeal is filed against an interim order passed in IA 866/2018 i.e., stay application filed in SA 366/2017 on the file of DRT, Coimbatore dated 11.4.2018.

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Learned Counsel for the appellant submitted that aforesaid SA was filed challenging the measures taken under SARFAESI Act for taking possession and sale of the secured asset. In the said application, Learned Presiding Officer, DRT, Coimbatore granted an ‘ad interim’ injunction against the respondent bank not to confirm the sale till 12.6.2018 subject to payment of Rs.3.00 lakhs directly to the bank on or before 11.5.2018 as first instalment and another sum of Rs.3.00 lakhs directly to the bank on or before 11.6.2018 as second instalment. Challenging this order, this appeal is filed.

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It is now informed that the main SA is posted for final arguments on

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22.7.2025.

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Learned Counsel for respondent bank submitted that since conditional

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order was not complied with, bank proceeded with the sale, sale was

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MA (SA) 34/2025

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over, sale certificate was issued and registered. There is nothing

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survives in this appeal.

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In the light of the submissions made by Learned Counsel for parties and that this appeal is filed only against an interim order, this Tribunal is of the view that this appeal can be disposed of by directing the Learned Presiding Officer, DRT, Coimbatore to dispose of SA 366/2017 as expeditiously as possible.

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Since it is submitted by Learned Counsel for appellant that the SA is ripe of arguments, Learned Presiding Officer, DRT, Coimbatore is directed to dispose of the SA within a period of two months from the date of receipt

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of a copy of this order.

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Accordingly, this Appeal MA(SA) 34/2025 is disposed of, with the above

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direction. Parties are directed to bear their own costs.

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Pending IAs, if any, stand closed.

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[Dictated to Steno(SN), transcribed by him, corrected, signed and pronounced by me in open court, this 3^rd July, 2025)

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Sd/- (JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON

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Mr R Balu v. Karnataka Bank Limited

Case brief

What is this about?

What did the court decide?

Mr R Balu v. Karnataka Bank Limited

Case brief

What is this about?

What did the court decide?

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