Remanded

Yesskay Renewable Venture Private Limited v. Tamilnad Mercantile Bank Limited

DRAT18 May 2026MISC APPEAL/10/2026

Case brief

AI extract

What is this about?

In appeals against interim stay orders in securitization applications, the Tribunal modified the deposit requirement from 30% to 20% of the suit amount. The matter was remanded to the DRT to pass orders on merits based on the payment of the reduced amount.

What did the court decide?

The deposit requirement for obtaining stay in the underlying DRT proceedings was reduced from 30% to 20% of the suit amount.

Yesskay Renewable Venture Private Limited versus Tamilnad… — Banking and Recovery | DRAT (2026)

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 18^th day of May, 2026

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

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MA (SA) 10/2026

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(arising out of IA No. 2332/2024 in SA No.:533/2024 on the file of DRT, Coimbatore)

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And

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MA (SA) 11/2026

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(arising out of IA No. 2352/2024 in SA No.:540/2024 on the file of DRT, Coimbatore)

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MA (SA) 10/2026 & MA (SA) 11/2026

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Between

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M/s. Yesskay Renewable Venture Private Limited, represented by its Authorised Signatory, No. 81/A, Nanjanapuram, Kathirampatti (Post), Erode – 638 107.

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TN Palanisamy, S/o. Mr. Nachimuthu Gounder, No. 11, Amar MuruganIllam, Pari Nagar, Erode – 638 011

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Mrs. K Anitha, W/o. Mr. P Keerthivarman, No. 37A/402, Bolineni Hill Side, Perumbakkam Main Road, Sittalapakkam, Kancheepuram – 600 126

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P Karthikeyan, S/o. Mr TN Palanisamy, No. 11, Amar MuruganIllam, Pari Nagar, Erode – 638 011

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P Keerthivarman, S/o. Mr TN Palanisamy, No. 25, Paari Nagar, Palayapalayam Pirivu, Erode – 638 011

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Mrs. K Kalaiselvi, W/o. Mr. P Karthikeyan, No. 11, Amar MuruganIllam, Pari Nagar, Erode – 638 011

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Mohamed Younus, S/o. Mr. PR Abdul Rahim, No. 9/4, Gowthameswarar Kovil North Street, Kumbakonam Town, Thanjavur – 612 001

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.... Appellants

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And

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Tamilnad Mercantile Bank, represented by its Authorised Officer, Erode Branch, KMP Towers, 41, Theppakulam Street, Erode – 638 001

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.... Respondent

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Counsel for Appellants: M/s. Shraddha & Saburi Consultants Counsel for Respondents: N.K.S. Rukmangathan

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COMMON ORDER

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Learned Counsel for both sides are present.

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Appeal No. MA (SA) 10/2026 is filed against interim order passed by Learned Presiding Officer, DRT, Coimbatore in IA No. 2332/2024 in SA No. 533/2024. Appeal No. MA (SA) 11/2026 is filed against the order passed by the Learned Presiding Officer, DRT, Coimbatore on 5.8.2024, in IA No. 2352/2024 in SA No. 540/2024.

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SA No. 533/2024 has been filed to set aside the possession notice dated 31.5.2024. During pendency of this Securitization Application, a stay application was filed for staying further proceedings. Learned Presiding Officer, DRT, Coimbatore passed an order on 5.8.2024 granting stay of further proceedings subject to payment of 30% of claim amount of Rs.2,79,09,587.85p in two equal instalments. Aggrieved against this order, this appeal is filed. SA 533/2024 is still pending. In the said circumstances, this Tribunal is of the view that this appeal can be disposed by modifying the order passed by the Learned Presiding Officer, DRT, Coimbatore.

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Accordingly, instead of paying 30% of the claim amount, the Appellants are directed to make a payment of 20% of the suit amount i.e., 20% of Rs.2,79,09,587.85p, within a period of four weeks from today. On such payment, Learned Presiding Officer, DRT, Coimbatore is directed to consider and pass appropriate orders in the stay application on merits, and in accordance with the law.

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Accordingly, Appeal Nos. MA (SA) 10/2026 and MA (SA) 11/2026 are disposed of by remanding to DRT, Coimbatore.

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Sd/(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON

Yesskay Renewable Venture Private Limited v. Tamilnad Mercantile Bank Limited

Case brief

What is this about?

What did the court decide?

Yesskay Renewable Venture Private Limited v. Tamilnad Mercantile Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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