Dismissed

Anilkumar Sasidharan aliasANILKUMAR Sy v. Tata Capital Housing Finance Companyu

DRT13 Mar 2026SA/769/2023

Case brief

AI extract

What is this about?

The Tribunal dismissed the Securitization Application seeking to set aside a possession notice and declare a mortgaged property unsecured. The applicants failed to specifically plead errors in the outstanding amount loan classification or RBI guideline non-compliance despite receiving the demand notice. As the applicants did not challenge specific statutory requirements under Section 14(1) SARFAES

What did the court decide?

Securitization Application No. 769 of 2023 dismissed with no order as to costs.

Anilkumar Sasidharan aliasANILKUMAR Sy versus Tata… — Contract and Commercial Disputes | DRT (2026)

¶1

Fair Order

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IN THE DEBTS RECOVERY TRIBUNAL - 1 AT ERNAKULAM

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DATED THIS 13^th DAY OF MARCH, 2026

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PRESENT: Su. WILLYAHM, B.Sc., M.L. [DISTRICT JUDGE - Retd] PRESIDING OFFICER

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S.A No. 769 of 2023

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Between

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Anilkumar Sasidharan alias Anilkumar S.Y., S/o. Sasidharan, Mankuzhithundil House, Poykkattussery, Chengamanadu P.O., Ernakulam – 683 578, Presently residing at Mankuzhithundil, Karakkattukunnu, Mekkad P.O Nedumbassery -683 589.

¶8

Lekha Anilkumar, W/o.Anilkumar, Mankuzhithundil House, Poykkattussery, Chengamanadu P.O., Ernakulam – 683 578, Presently residing at Mankuzhithundil, Karakkattukunnu, Mekkad P.O Nedumbassery -683 589.

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--- Applicants

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And

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Tata Capital Housing Finance Ltd. G Floor, Jain Tower, NH-17, Near Lulu Mall, Edappally, Cochin – 682 024, Represented by its Authorized Officer.

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--- Defendant

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SA No.769 of 2023

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This Securitization Application coming on 09.03.2026 for final hearing before me in the presence of Mr. Shiv Shankar, Counsel appearing for the Applicants and Mr. Abhishek, representing the Counsel on record for the defendant and upon hearing arguments of learned Counsels for both the parties and upon perusing the material on records, this Tribunal delivered the following:

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O R D E R

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This Securitisation Application was filed on 04.12.2023 seeking to set aside Annexure-A2 notice issued by the defendant and to declare that the property described in Annexure-A2 is not a secured asset and to allow the applicants to recover the cost of the proceedings.

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The applicants availed credit facilities from the defendant Finance Company in the year 2022 upon creation of equitable mortgage over the 1st applicant’s immovable property admeasuring an extent of 4.88 Ares comprised in Re. Sy. No.80/6/3 in Chengamanad Village, Aluva Taluk, Ernakulam District by deposit of title deed with the defendant.

¶18

Due to default in repayment of outstanding loan due, the loan accounts of the applicants came to be classified as Non-performing Asset on 03.08.2023 and demand notice dated 11.08.2023 AnnexureA1 was issued to the applicants calling upon them to repay the outstanding loan due within a period of 60 days from the date of receipt of the demand notice. The applicants neither sent any objection/representation to the demand notice nor did they clear off their liability due to the defendant.

¶19

Therefore, Annexure-A2 possession notice dated 03.11.2023 was issued for taking physical possession of the secured assets. Subsequently, the defendant approached the Additional Chief Judicial Magistrate Court (MPs/MLAs), Ernakulam and filed Annexure-A6 application and affidavit under Section 14 (1) of the SARFAESI Act, 2002. Annexure-A7 Order dated 22.04.2024 came to be passed appointing Advocate Commissioner for taking physical possession of the secured asset. The Advocate Commissioner issued Annexure-A8 notice dated 14.05.2025 to the applicants informing them that he would take physical possession of the secured asset within 14 days from the date of receipt of the notice. The applicants having aggrieved against the above measures filed this SA seeking for the reliefs stated supra.

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Page 2 of 7

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SA No.769 of 2023

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The counsel appearing for the applicants submitted that the applicants were not served with the loan sanction letter, loan agreement and that they were unaware of the special purpose loan of Rs.4,31,410/- which is claimed to have been disbursed to them. Annexure-A2 possession notice was not published in two leading newspapers. Though the applicants paid substantial amounts towards the loan due, their loan accounts were wrongly classified as NonPerforming Asset. The amount mentioned in Annexure-A1 and A2 is incorrect. The defendant may be directed to regularize their loan account. Therefore, SA may be allowed as prayed for.

¶23

The counsel appearing for the defendant submitted that since the applicants defaulted in repayment of the outstanding loan due, loan accounts were declared as Non-Performing Asset as per RBI guidelines and that demand notice and possession notice were served to them and that possession notice was published in two leading newspapers and that it was affixed on the conspicuous part of the secured assets. The amount mentioned in Annexure-A1 and A2 is correct. There are no procedural irregularities in respect of the measures taken by the defendant u/s 14 (1) of the SARFAESI Act 2002. Therefore, SA may be dismissed with cost to the defendant.

¶24

The applicants have not specifically pleaded in the SA as to how the outstanding amount mentioned in Annexure-A1 and A2 is incorrect and also as to how the classification of loan account is against the RBI guidelines. The applicants having received the demand notice, failed to send objection/representation to the demand notice. Annexure-B6 to B8 produced by the defendant evidences the publication of the possession notice in Business Standard edition dated 08.11.2023 and in Mangalam (Malayalam) edition dated 08.11.2023 and affixture of the possession notice on the conspicuous part of the secured asset.

¶25

The applicants filed petition IA No.2041/2024 to amend the SA to incorporate the pleadings in respect of Annexure-A6 application and affidavit filed in MC No.18/2024 before the Additional Chief Judicial Magistrate Court (MPs/MLAs), Ernakulam, Annexure-A7 order passed in MC No.18/2024 for taking physical possession of the secured asset and Annexure-A8 notice issued by the Advocate Commissioner to take physical possession of the secured asset. The above petition was allowed by this Tribunal on 03.06.2024 directing the applicants to carry out amendment in the SA and to file amended copy of the SA, but the above direction was not complied with by the applicants.

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There is no specific challenge in the SA as to whether the statutory requirements contemplated under Clauses (i) to (ix) to the

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Page 3 of 7

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SA No.769 of 2023

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provisions of Section 14 (1) of the SARFAESI Act 2002 has not been complied with by the defendant in respect of filing of Annexure-A6 application and affidavit and also Annexure-A7 order passed for taking physical possession of the secured asset.

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The 1st applicant having created equitable mortgage over his immovable property by deposit of his title deed with the defendant is not entitled to challenge now that the property described in AnnexureA2 is not the secured asset.

¶31

The applicants have failed to establish their case so as to get the reliefs sought for in the SA. Therefore, this Tribunal holds that the applicants are not entitled to get the reliefs sought for in this SA.

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Resultantly, S.A No.769/2023 stands dismissed. However, there shall be no order as to costs.

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Dictated to Steno, taken down, transcribed, typed by him, corrected and pronounced by me in the open court on this the 13^th day of March, 2026.

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(Su. WILLYAHM) PRESIDING OFFICER

Mj/

Page 4 of 7

SA No.769 of 2023

S C H E D U L E

District : Ernakulam Sub District : Aluva Taluk : Aluva Village : Chengamanad Re. Sy. No. : 80 Re. Sy. Sub Div No. : 6/3 Re. Sy. Block No. : 7 Extent : 4.88 Ares

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Description

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All that part and parcel of the property consisting of 4.88 Ares of land with residential building and all improvements thereon in Re. Sy. No.80/6-3 in Chengamanadu Village in the registration sub District of Chengamanadu in Aluva Taluk, Ernakulam District.

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Boundaries

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East : Property of Induchoodan North : Panchayat road and property of Asha West : Properties of Asha and Ramesan South : Property Vaneekalebaram public Library

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(Su. WILLYAHM) PRESIDING OFFICER

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Page 5 of 7

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SA No.769 of 2023

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List of documents filed by the Applicants along with the S.A.

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Sl. No.	Date	Particulars
1.	11.08.2023	True copy of the demand notice by the defendant	issued	Annexure-A1
2.	03.11.2023	True copy of the possession issued by the defendant.	notice	Annexure-A2
3.	---	True copy of cover with post through which Anx A2 ser applicants.	al seal ved to	Annexure-A3
4.	---	True copy of bank account sta of 1^st applicant for the 01.01.2022 to 31.01.2022.	tements period	Annexure-A4
5.	----	True copy of bank account sta of 1^st applicant for the 01.02.2022 to 30.04.2022.	tements period	Annexure-A5
6.	30.11.2023	True copy of the application No.18/2024 on the file of Ad Chief Judicial Magistrate (MPs/MLAs),Ernakulam	in MC ditional Court	Annexure-A6
7.	22.04.2024	True copy of the order No.18/2024 by the file of Ad Chief Judicial Magistrate (MPs/MLAs),Ernakulam	in MC ditional Court	Annexure-A7
8.	14.05.2024	True copy of the A Commissioner Notice.	dvocate	Annexure-A8

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List of documents filed by the defendant along with the written statement

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Sl. No.	Date	Particulars
1.	28.01.2022	Copy of home loan sanction letter	Annexure-B1
2.	29.01.2022	Copy of special purpose loan sanction letter	Annexure-B2
3.	---	Statement of account for home loan account No.TCHHL0470000100111187	Annexure-B3
4.	---	Statement of account for special purpose loan account No.TCHIN0470000100111313	Annexure-B4

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Page 6 of 7

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SA No.769 of 2023

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5.	29.01.2022	Copy of disbursal request letter for specialpurposeloan/insuranceloan	Annexure-B5
6.	08.11.2023	Copy of paper publication of possession noticeinbusiness standard.	Annexure-B6
7.	08.11.2023	Copy of paper publication of possession noticein Mangalam Malayalamdaily.	Annexure-B7
8.	---	Copy of affixture of possession notice photo.	Annexure-B8
9.	---	Foreclosure statement for home loan accountNo.TCHHL0470000100111187	Annexure-B9
10.	---	Foreclosure statement for special purpose loan account No.TCHIN0470000100111313	Annexure-B10

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(Su. WILLYAHM) PRESIDING OFFICER

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Mj/

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Page 7 of 7

Anilkumar Sasidharan aliasANILKUMAR Sy v. Tata Capital Housing Finance Companyu

Case brief

What is this about?

What did the court decide?

Anilkumar Sasidharan aliasANILKUMAR Sy v. Tata Capital Housing Finance Companyu

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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Case details

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