Disposed

P Priyadharsini v. Tata Capital Housing Finance Limited

DRT5 May 2026SA/267/2026

Case brief

AI extract

What is this about?

DRT-III Chennai stayed the Section 14 order dated 26.03.2026 on the applicant paying Rs.30 Lakhs by 22.05.2026, allowing further recovery proceedings if the payment is not made. Matter listed for counter on 18.06.2026.

What did the court decide?

Interim stay granted on Section 14 order conditional on payment of Rs.30 Lakhs; failure leads to automatic vacation of stay.

P Priyadharsini versus Tata Capital Housing Finance Limited — Banking and Recovery | DRT (2026)

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IA No.869/2026 In SA No.267/2026

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05.05.2026

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 05^th day of May, 2026

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Present: SMT. S.V. GOWRAMMA

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Presiding Officer

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IA No. 869 of 2026

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SA No. 267 of 2026

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Mrs. P. Priyadharsini (F/50) W/o. Late. S. Palani, No.129/79, 2^nd floor, Ramachandran Street, Vasudevan Nagar, Kafferkhanpet, Chennai-600 083.

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Also at:

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Old Door No.31, New Door No.67, S. No.343/3 & 343/3C, T.S.No.32/1, Block No.130, Pillaiyar koil Street, Jafferkhanpet,

Chennai-600 083.

…Applicant

-Vs-

Tata Capital Housing Finance Limited, 1^st Floor, Centennial Square, 6A, Dr. Ambedkar Salai, Kodambakkam, Chennai-600 024. Rep. by its Authorised Officer,’ Mr. Shanmugasundaran Nagarathinam …Respondent-1 2. Tata Capital Insurance Finance Limited., 2^nd Floor, Samson Towers, 403 L, Pantheon Road, Sulaiman Zackria Avenue, Egmore, Chennai-600 008. Also at Tata AIG General Insurance Company Limited, Peninsula Business Park, Tower A, 15 Floor, G.K. Marg, Lower Parel, Mumbai-400 013 …Respondent-2

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Uploaded in E-Drt on 05.05.2026 at 01:58 p.m

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IA No.869/2026 In SA No.267/2026

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05.05.2026

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Counsels on record / appeared:

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Counsel for Applicant : M/s. J.J.R. Edwin

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ORDER ON IA 869/2026 In SA No.267/2026

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The present Securitization Application [SA] is filed under sub section [1] of S.17 of the Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act,2002 (for short the ‘Act’) challenging the action and the measure taken by the secured creditor under the Security Interest Enforcement Rules, 2002 [for short the Rules].

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Applicant is the borrower who has filed the present SA challenging the Section 14 Order dated 26.03.2026 passed by the Ld. CMM, Egmore, in Crl.M.P. No.1431 of 2026 along with the SA applicant has filed a petition in IA 868/2026 for advancement stands allowed taking the matter on board and IA 869/2026 is a petition for stay of further proceedings pursuant to the Section 14 order.

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It is contended that the applicant had filed SA 397/2022 before DRTII, Chennai and renumbered as TSA 240/2023, against the CJM order and the secured creditor had obtained the order giving a false affidavit suppressing the death of the original borrower Late Mr. Palani. Hence, the SA came to be disposed off and the stay was granted and when the Stay was in operation they have filed a fresh Section 14 application and obtained the order.

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Uploaded in E-Drt on 05.05.2026 at 01:58 p.m

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IA No.869/2026 In SA No.267/2026

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05.05.2026

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It is seen from the cause title the applicant has also made the Tata Capital Insurance Finance Company as the second respondent and prays for stay of the further proceedings pursuant to Section 14 Order. Counsel for the respondent bank 1^st respondent company is present and submits though the applicant had made the payment in compliance of the Interim order in earlier SA, the secured creditor did not press for the measures taken and sought liberty to initiate fresh measures against the borrower and legal heirs, hence SA came to be disposed off.

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Subsequently, the Secured Creditor has issued fresh Section 13(4) notice and have obtained the order, it is seen that the outstanding amount due as per the Section 14 Order is Rs.1,91,78,239/-. It is evident that the applicant is the legal heir of the borrower Mr. Palani and the secured creditor has initiated fresh measures after disposal of TSA 240/2023 and have complied with all the procedures. However, the applicant has not raised any objection to Section 13 (2) and now has challenged the Section 14 order.

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On Perusal of the records and the submission of both the Counsel the Tribunal feels it apt to grant an Interim order of Stay on Section 14 order dated 26.03.2026 on conditional payment of Rs.30 Lakhs to be paid on or before 22.05.2026. Further the 1^st respondent is directed to file the counter

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It is made clear that if the applicant fails to make the payment of Rs.30,00,000/- on or before 22.05.2026, the interim order of stay automatically stands vacated and the respondent bank is at liberty to

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Uploaded in E-Drt on 05.05.2026 at 01:58 p.m

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IA No.869/2026 In SA No.267/2026

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05.05.2026

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proceed further. List the matter on 18.06.2026 for counter and for compliance.

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Sd/- (S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

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