Allowed

Mr Banothu Jayasinga Raju v. LIC Housing Finance Ltd.

DRT5 Aug 2025SA/312/2025

Case brief

AI extract

What is this about?

DrT Application filed under Section 17 of the SARFAESI Act seeking interim stay on dispossession proceedings. The Presiding Officer granted an interim stay contingent upon the applicant depositing Rs. 5 lakhs in two equal instalments to the respondent bank.

What did the court decide?

Interim stay on all further proceedings including dispossession in respect of the schedule property granted subject to deposit of Rs. 5 lakhs in two instalments.

Mr Banothu Jayasinga Raju versus LIC Housing Finance Ltd. — Banking and Recovery | DRT (2025)

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THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE Osth DAy OF, AUGUST,20.25 PRESENT: SRI. GUMMADI GOPICHAND HON'BLE PRESIDING OFFICER

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rA. NO. 1986 0F 2025 IN sA. NO.312^()F 2025

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Between

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Mr. Banothu Jayasinga Raju, R/o. H.No. 1-4 -241 t02/ I/B/ 73, Balaji Nagar, Surypaet, Suryapet District-508213.

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....Applicant/s

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And

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LIC Housing Finance Limited, R/o. #207,2nd Floor, Krishe Saphire Building, Near Image Hospital, Hitech City Main Road, Madhapur, Hyderabad-500081.

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.... Respondent/s

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DOCKET ORDER DT. 05.08.2025

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IA.No.1986/2025: This is an application filed by the petitioner/ applicant seeking stay of all further proceedings including dispossession in respect of schedule property pursuant to Advocate commissioner notice dated 24.07.2025 vide orders in Crl.Mp.9/2025 on the file of Hon'ble CJM Suryapet district under SARFAESI Act, 2002.

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The petitioner filed the present application under Section 17 of SARFAESI Act and submitted that th r/ applicant availed home loan of Rs.22.00applicant availed home loan of Rs.22.00availed home loan of Rs.22.00loan of Rs.22.00of Rs.22.00Rs.22.00 la khs against mo perty from respondent bank and wasfrom respondent bank and wasrespondent bank and wasand waswas regular in repa d thus, the Advocate commissionerthus, the Advocate commissionerthe Advocate commissionerAdvocate commissionercommissioner

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that thth r/ applicant availed home loan of Rs.22.00applicant availed home loan of Rs.22.00availed home loan of Rs.22.00loan of Rs.22.00of Rs.22.00Rs.22.00 mo perty from respondent bank and wasfrom respondent bank and wasrespondent bank and wasand waswas d thus, the Advocate commissionerthus, the Advocate commissionerthe Advocate commissionerAdvocate commissionercommissioner f',F {i*

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was trying to take physical possession of the schedule property. With these submissions, Ld. Counsel for the Applicant sought for grant of stay.

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Heard the Ld counsel for applicant. No representation on behalf of respondent bank.

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Having regard to the facts and circumstances of the case and in the interest of^justice, interim relief can be granted on certain conditions. Accordingly, there shall be an interim stay of all further proceedings inctuding dispossession in respect of schedule property pursuant to Crl.Mp.9/2O25 subiect to the Petitioner depositing Rs.S.OO lakhs in two instalments. Out of which a sum of Rs.2.5O lakhs shall be paid on or before 19.08.2025 and second instalment of Rs.2.5O lakhs shall be paid on or before O9.O9.2025 to the credit of loan account with the Respondent Bank directly. In the event of failure of compliance of the aforesaid conditions by the^petitioner, the interim stay shall stand vacated and the Respondent bank shall be at liberty to proceed further.

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Issue notice to respondent. For POS and compliance call on 10.09.2025 before Reg istra r.

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Presiding Officer

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Mr Banothu Jayasinga Raju v. LIC Housing Finance Ltd.

Case brief

What is this about?

What did the court decide?

Mr Banothu Jayasinga Raju v. LIC Housing Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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