The Tribunal dismissed the applicant's application for stay of an auction sale notice dated 18.04.2026. The court held the applicant failed to show bona fides or clear substantial liability, dismissing the petition and directing the bank to proceed with the sale.
Stay application dismissed; respondent directed to proceed with the scheduled sale.
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.
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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 11th day of May, 2026
Present: SMT. S.V. GOWRAMMA Presiding Officer
IA No.907 of 2026
in
SA No. 283 of 2026
Saram, Puducherry – 605 013
…Applicant
-Vs-
The Authorised Officer, Union Bank of India., Asset Recovery Branch, 168, 2nd Floor, Linghichetty Street Parry’s Corner, Chennai – 600 001
…Respondent
Counsels on record / appeared:
Counsel for Applicant : M/s. R.K.M. Suresh Counsel for Respondent : M/s Sivabalan
ORDER ON IA No.907/2026 in SA No.283/2026
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
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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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18.04.2026 fixing the sale on 12.05.2026. Hence, the applicant has filed the present SA. Hence, prays for Stay of the auction sale notice.
Heard both sides of the Counsels and perused the records of the case.
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frustrate the measure without even making an effort to clear the entire liability and it is seen that the loan account is classified as NPA on 14.09.2021. Applicant was not even ready to make any substantial payment to show his bonafides for stay of the auction sale notice and it is
seen that the auction sale notice is issued for a recovery of Rs.20,55,812.47p/- but the applicant is not ready to show any bonafides to make the payment.
List the matter on 26.05.2026 for report of bids and counter.
Sd/- (S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to Steno (Arti), transcribed by her, corrected, signed and pronounced by me on this the 11th day of May, 2026)
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3 issues framed by the court
Whether to grant a stay on the auction sale notice dated 18.04.2026 issued by the secured creditor.
Whether the applicant has made out a case for stay in view of non-clearance of liability and lack of substantial payment.
Whether to direct the respondent to proceed further with the scheduled sale without waiting for further orders.
1 provisions across 1 enactments
Mr. R. Vijaya Babu S/o Ramalingam
Mr. Camala Cannin @ R. Kamalakannan S/o Ramalingam
The Authorised Officer, Union Bank of India.
S.V. Gowramma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
