The Debt Recovery Appellate Tribunal dismissed an application for modification of sale price pre-deposit and a waiver application due to the appellant's failure to comply with a conditional payment order, leading to the rejection of the underlying appeal.
IA 491/2026 and waiver application IA 358/2025 dismissed; Appeal AIR 195/2025 rejected.
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 13th day of April, 2026
PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN CHAIRPERSON
IA No.: 491/2026 (Modification) & IA 358/2025 (Waiver)
In
A.I.R.NO. 195/2025
(arising out of SA 58/2022 on the file of DRT-I, Ernakulam)
Between
Ramesh Kumar B,
S/o Balakrishnapillai, Sree Krishnalayam, Perumbotta Road, Elamakkara P.O, Ernakulam – 682 026
….. Appellant
And
….. Respondents
Counsel for appellant : M/s. R. Vasudevan & Co. Counsel for 1st Respondent : Mr. A. Damodaran Counsel for 2nd Respondent : Mr. K. Chandrasekaran
ORDER
Learned Counsel for both the Parties are present. Learned Counsel for R2 is present on VC.
IA 491/2026 is filed to consider the sale price of Rs.61,26,000/- secured by sale of the secured asset towards pre-deposit. This Tribunal passed an order on 6.4.2026 that in view of the settled proposition of law in M/s. Sidha Neelkanth Paper Industries Private Limited & Another Vs. Prudent ARC Limited & Others (Civil Appeal No. 8969 of 2022, decided on 05.01.2023) reported in 2023 SCC Online SC 12 the sale price cannot be considered towards pre-deposit, when the sale is challenged. Thus, the Petitioner was directed to comply with the conditional order passed in the waiver application.
When the matter is taken up, the Learned Counsel for the Petitioner informed that the conditional order is not complied with because of his inability to raise funds. The waiver application was dismissed on 25.11.2025.
Thereafter, the Petitioner approached Hon’ble High Court of Kerala in OP (DRT) No. 434/2025 and after its disposal, IA 491/2025 was filed. Despite passing orders to comply with payment of pre-deposit in IA 358/2025, the pre-deposit is not deposited.
Therefore, this Tribunal is not inclined to grant any further time and this IA 491/2026 and waiver application IA 358/2025 are dismissed for non-compliance of the conditional order passed in the waiver application. Consequently, the appeal AIR 195/2025 is rejected.
Sd/-
(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON
2 issues framed by the court
Whether the Tribunal is inclined to grant further time given non-compliance with the conditional order on pre-deposit.
Whether IA No.491/2026 and waiver application IA 358/2025 can be dismissed for non-compliance.
Colour shows how this judgement treated each authority
M/s. Sidha Neelkanth Paper Industries Private Limited & Another Vs. Prudent ARC Limited & OthersReferred¶19
M/s. Sidha Neelkanth Paper Industries Private Limited & Another Vs. Prudent ARC Limited & Others (Civil Appeal No. 8969 of 2022, decided on 05.01.2023) reported
Ramesh Kumar B
PNB Housing Finance Ltd.
Faisal C.H.
G. Chandrasekharan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
G. Chandrasekharan
Parties & counsel
