Disposed¶31

Pegasus Assets Reconstructions Private Limited v. Mr. Lalit Jain

Karnataka HC1 Jul 2026WP/19416/2026

Case brief

AI extract

What is this about?

SARFAESI Act Section 14; Crl.Misc.No.1499/2025; DRT-1 Bengaluru; review application; expedited/time-bound disposal; one month outer limit; 15.09.2026 listing superseded; Pegasus Assets Reconstructions Private Limited; Pegasus Group Thirty Nine Trust 1; Lalit Jain; Sharvani Sachidanand @ Sharvani S. Anand; Articles 226 and 227; writ petition GM-DRT; Karnataka High Court; Justice Jyoti M; order dated 01.07.2026.

What did the court decide?

Direction to the DRT to dispose of the review application within an outer limit of one month from receipt of certified copy of the order, without regard to the 15.09.2026 listing date. ¶31

Pegasus Assets Reconstructions Private Limited Vs… — Company and Corporate | Karnataka HC (2026)

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NC: 2026:KHC:32614 WP No. 19416 of 2026

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HC-KAR

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 1^ST DAY OF JULY, 2026

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BEFORE

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THE HON'BLE MS. JUSTICE JYOTI M WRIT PETITION NO. 19416 OF 2026 (GM-DRT)

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BETWEEN:

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PEGASUS ASSETS RECONSTRUCTIONS PRIVATE LIMITED, A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING ITS REGISTERED OFFICE AT 507, DALAMAL HOUSE, NARIMAN POINT, MUMBAI - 400 021 AND ITS BRANCH OFFICE AT NO. B-515, 5TH FLOOR, MITTAL TOWER, M.G.ROAD, BENGALURU - 560001, ACTING IN ITS CAPACITY AS TRUSTEE OF PEGASUS GROUP THIRTY NINE TRUST 1, REPRESENTED THROUGH ITS DEPUTY VICE PRESIDENT AND AUTHORIZED OFFICER Digitally signed by MR. BHASKAR SARAT TURAGA PREMCHANDRA M R …PETITIONER Location: HIGH COURT OF (BY SRI. NARAYANA SHENOY, ADVOCATE) KARNATAKA

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AND:

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MR. LALIT JAIN S/O. MR. TEJARAJ BHANTIA, AGED ABOUT 47 YEARS, RESIDING AT NO.50, YAMUNA BAI ROAD, MADHAV NAGAR, BENGALURU - 560001.

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2 - NC: 2026:KHC:32614 WP No. 19416 of 2026

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HC-KAR

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MRS. SHARVANI SACHIDANAND @ SHARVANI S. ANAND, D/O. MR. B. SACHIDANANDA, AGED ABOUT 47 YEARS, RESIDING AT NO.327/1, FIRST FLOOR, 15TH CROSS, 2ND BLOCK, JAYANAGAR, BENGALURU-560011.

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THE DEBTS RECOVERY TRIBUNAL-1, BSNL BUILDING, TELEPHONE HOUSE, 4TH FLOOR, RAJ BHAVAN ROAD, BENGALURU, KARNATAKA -560001, REPRESENTED BY ITS REGISTRAR.

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(DELETED VIDE COURT ORDER DATED 01.07.2026)

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…RESPONDENTS

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(BY SRI. KIRAN C.R., ADVOCATE FOR SRI. GANAPATI KUPPUSWAMY, ADVOCATE FOR C/R1 AND R2; VIDE COURT ORDER DATED 01.07.2026, R3 IS DELETED)

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THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA, SEEKING CERTAIN RELIEFS.

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THIS WRIT PETITION IS LISTED FOR ORDERS, THIS DAY, AN ORDER IS MADE AS UNDER:

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ORAL ORDER

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Sri.Narayana Shenoy., counsel for the petitioner and Sri.Kiran.C.R., counsel on behalf of Sri.Ganapati Kuppusamy., for caveator/ respondents 1 and 2 have appeared in person.

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NC: 2026:KHC:32614 WP No. 19416 of 2026

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HC-KAR

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2. The petition is filed seeking certain reliefs.

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Counsel for the petitioner submits that the petitioner had

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filed petition under Section 14 of the SARFAESI Act in Crl.Misc.No.1499/2025 and the Court vide order dated 06.11.2025 had allowed the petition. As against the said order, the respondents had filed an appeal before the DRT. The DRT vide order dated 10.03.2026 had allowed the appeal. Counsel for the petitioner submits that as against the order of the DRT, a review application is filed before the DRT and the Tribunal vide order dated:12.06.2026 granted time for filing objections and listed the matter on 15.09.2026. Counsel submits that a review application is filed and the respondents are already entered appearance. Hence, a direction may be issued to the DRT to dispose of the review application as expeditiously as possible.

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Counsel for respondents submits that they have no objection for the speedy disposal of the review application.

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Taking note of the submission made by the

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respective parties, the Tribunal is directed to dispose of the review application within an outer limit of one month from the

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NC: 2026:KHC:32614 WP No. 19416 of 2026

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HC-KAR

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receipt of certified copy of this order. Accordingly, the petition is disposed of . As there is a direction issued to the DRT without taking into consideration of the date as 15.09.2026, hence, the DRT is to dispose of the review application as ordered by this Court.

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SD/(JYOTI M) JUDGE

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MRP List No.: 1 Sl No.: 13

Pegasus Assets Reconstructions Private Limited v. Mr. Lalit Jain

Case brief

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What did the court decide?

Pegasus Assets Reconstructions Private Limited v. Mr. Lalit Jain

Case brief

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