The DRT dismissed an application to stay dispossession proceedings and held that depositing money in the loan account is no ground for such a stay, noting no illegality was indicated.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ITEM NO. 85
SA/238/2026 IN IA Diary no/1251/2026 (APPLICATION FOR EX-PARTE ORDER) SATKAR CARRIER AND MOVERS Vs AXIS BANK AND OTHERS
25.08.2026
Present: Sh. G.S. Verma, Advocate for Applicant
Sh. Deepak Jain, Advocate for Respondents (through VC) (already ex parte vide order dated 08.07.2026)
Sh. Deepak Jain, Advocate appeared through Video Conferencing and submitted that he has filed his Power of Attorney on behalf of respondents vide diary no. 12394 dated 08.07.2026 and IA No. 1251/2026 was filed vide diary no. 12463 dated 09.07.2026 for recalling of order dated 08.07.2026 vide which respondents were proceeded ex parte.
Copy of this IA was already provided to learned counsel for applicant, who seeks time to file reply to the IA.
Reply to IA may be filed within 20 days after providing advance copy to learned counsel for respondents.
Sh. G.S. Verma, Advocate submitted that he has filed IA No. 1666/2026 for staying the proceedings of dispossession.
On request of learned counsel for applicant, heard on IA No.
1666/2026.
Sh. G.S. Verma, Advocate argued that at any point of time, respondent will take possession of the secured asset. It was further argued that applicant is ready to deposit Rs.10 Lacs within one month in the loan account. Therefore, proceedings regarding dispossession may kindly be stayed.
No other point was argued/pressed.
Deposit of certain amount in the loan account is no ground for staying the proceedings of dispossession. If applicant wants to deposit the amount in the loan account, then it may do so as per its own wish.
Despite sufficient opportunity provided to learned counsel for applicant, no illegality/irregularity in the proceedings initiated under the SARFAESI Act by respondents was indicated at this juncture.
Therefore, IA No.1666/2026 is dismissed.
Put up on 14.10.2026 for disposal of IA No.1251/2026.
(MRIDULESH KUMAR SINGH) Presiding Officer DRT-III, Chandigarh
1 issue framed by the court
Whether deposit of amount in loan account is a ground for staying proceedings of dispossession under SARFAESI Act.
Satkar Carrier and Movers
Axis Bank and Others
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
