Applicants challenged an auction sale notice under Section 17 of SARFAESI Act. Court held petition infructuous as auction did not take place. Disposed of SA and pending IAs.
Disposal of SA No. 17/2025 and all pending IAs as infructuous.
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IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI
Dated this 14th Day of May, 2026
PRESENT: SHRI A.S.JAYACHANDRA
Presiding Officer
S.A. No.17 of 2025
Rep. by its Chief Financial Officer, Marg Axis, 4/318, Old Mahabalipuram Road, Kottivakkam,
Chennai – 600041.
Chennai – 600018.
. . . Applicants
Versus
The Authorised Officer, Omkara Assets Reconstruction Private Limited, Regd Office at:No.9. M.P.Nagar, 1st Street, Kongu Nagar Extn.,Tirupur – 641607.
Corporate Office at:Omkara Assets Reconstruction Private Limited, Kohinoor Square, 47th Floor, N.C.Kelkar Marg, R.G.Gadkari Chowk, Dadar (W),Mumbai – 400028. . . . Respondent Counsel for Applicant :- M/s.S.Vignesh&R.Revanth Kumar Counsel for Respondent :- M/s.Akhil Bhansali
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: - Proceedings Dt.14.05.2026 - :
Applicant by Shri Revanth, Adv.
Defendant by Ms. Fouziya,Adv.
The counter is filed.
Heard the Ld counsel;
It is seen that the Applicants herein have challenged the auction sale notice dated 31.07.2025 which proposed the sale of properties by 19.08.2025 for recovery of a sum of Rs. 141,55,64,780/-.
Upon notice the respondent had filed the counter.
In the counter it is specifically submitted that the sale notice impugned had become infructuous since the sale has not taken place as pleaded in the counter at para 3.
Ld counsel for both the sides submit that the petition filed under section 17 of the SARFAESI Act no longer survives for any consideration. In view of the above, the present SA stands disposed of by the following:-
SA No. 17/2025 stands disposed of as becoming infructuous. The grounds urged by the Applicant / petitioner are kept open.
All the pending IAs stands disposed of.
A copy of this order be communicated to the parties concerned.
Sd/(A.S.JAYACHANDRA) PRESIDING OFFICER DRT-I, CHENNAI
(Dictated to Stenographer who typed in the system, corrected, signed and pronounced in open court on this 14TH Day of May, 2026)
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Marg Limited
M/s. Grand Lokin School Pvt. Ltd.
The Authorised Officer, Omkara Assets Reconstruction Private Limited
A.S. Jayachandra
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
