The tribunal disposed of an appeal challenging a stay order by directing the Debts Recovery Tribunal to file an expeditiously pending Appeal. A status quo was ordered for one month.
Direction to dispose SA 529/2025 expeditiously; status quo for one month.
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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 17th of September 2025
PRESENT: Hon’ble Mr. Justice G. Chandrasekharan
CHAIRPERSON
MA (SA) 64/2025
(Arising out of IA Dy.No. 1859/2025 in SA 321/2025 on the file of the DRT-III, Chennai)
Between
And
The Authorised Officer, Indian Bank, Nandanam Branch, Khiviraj Complex, Ground Floor, No.480, Anna Salai, Chennai 600 035. …Respondent Counsel for Appellant : M/s. R.K.M. Suresh Counsel for Respondents : Mr. P.V. Muralidhar
ORDER
This appeal is filed challenging the order dated 04.08.2025 passed in IA No. 1859/2025 in SA 529/2025 by the learned Presiding Officer, DRT-III, Chennai.
an order of Stay on condition to pay 15% of the outstanding amount mentioned in the order passed under Section 14 of the SARFAESI Act. Against the said order, this appeal is filed. SA 529/2025 was filed to set aside the order passed on 08/04/2025 by the learned Chief Metropolitan Magistrate, Egmore, Chennai, in Crl.M.P. No. 2719/2025 under Section 14 of the SARFAESI Act, which is still pending. Therefore, this tribunal is
of the view that this appeal can be disposed of by giving a direction to the learned Presiding Officer, DRT -III, Chennai to dispose the SA 529/2025 as expeditiously as possible. Accordingly, this appeal is disposed with a direction to the learned Presiding Officer, DRT-III, Chennai to dispose the SA 529/2025 as expeditiously as possible. There shall be an order of Status Quo for a period of one month from today. Then, it is for the learned Presiding Officer to decide on the continuance
of the Status Quo order or discontinuance depending on the need and exigency.
In the result, this appeal is disposed of accordingly. Parties are directed to bear their own costs.
Pending IAs, if any, shall stand closed.
(Dictated to Stenographer (ra), in open Court, transcribed by her, corrected and signed by me this 17th of September 2025)
Sd/-
(JUSTICE G. CHANDRASEKHARAN)
CHAIRPERSON
1 issue framed by the court
Whether to grant a stay on the recovery proceedings subject to deposit of 15% of the outstanding amount.
1 provisions across 1 enactments
Mrs. Varalakshmi
The Authorised Officer, Indian Bank, Nandanam Branch
G. Chandrasekharan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
