WP/35557/2025 of Sigilipelli Venkataramana, Vs The Authorized Officer, on 21 December 2025

1. SIGILIPELLI VENKATARAMANA, S/O LATE BODDU, AGED ABOUT 62 YEARS, DOCTOR BY PROFESSION, R/O DHARMAPURI, VIZIANAGARAM TOWN & DISTRICT.

2. SIGILIPELLI PADMA GOWRI, W/O VENKATARAMANA, AGED ABOUT 56 YEARS, R/O DHARMAPURI, VIZIANAGARAM TOWN & DISTRICT

...PETITIONER(S) AND

1. THE AUTHORIZED OFFICER, AXIS FINANCE LTD., OFFICE AT AXIS HOUSE, GROUND FLOOR, PANDURANGABUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA, PIN-400025, ITS BRANCH IS LOCATED AT BEGUMPET ROAD, HYDERABAD. REPRESENTED BY ITS AUTHORIZED PERSON.

...RESPONDENT Counsel for the Petitioner(S):

CMR,J & GTK,J W.P.No.35557 of 2025

1. I V CH PRUDHVIRAJU Counsel for the Respondent:

1. M.JAI RAM NAIK The Court made the following:

CMR,J & GTK,J W.P.No.35557 of 2025

THE HON’BLE SRI JUSTICE CHEEKATI MANAVENDRANATH ROY AND THE HON’BLE SRI JUSTICE TUHIN KUMAR GEDELA

WRIT PETITION No.35557 of 2025

O R D E R: (Per Hon’ble Sri Justice Cheekati Manavendranath Roy)

Heard Mr. I.V.Ch. Prudhviraju, learned counsel for the petitioners, and Mr. Jai Ram Naik, learned panel advocate for the respondent-financial institution.

2. Challenging the measures initiated by the respondent-financial institution under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act’) for realization of the loan amount due from the petitioners, who are the principal borrowers, the petitioners have filed this writ petition.

3. The petitioners have already approached the Debts Recovery Tribunal, Visakhapatnam, by way of filing Securitisation Application in S.A.No.705 of 2025, challenging the said measures initiated by the respondent-financial institution. The said Securitisation Application is pending adjudication before the Debts Recovery Tribunal. In the interlocutory application filed in the said Securitisation Application, the Debts Recovery Tribunal has already given protection to the petitioners by way of granting interim relief of stay of further proceedings including taking physical possession of item No.2 of the schedule property through Advocate Commissioner and also relating to the auction in respect of item No.1 of the schedule property on condition of the

CMR,J & GTK,J W.P.No.35557 of 2025

petitioners depositing Rs.2,20,00,000/- in two installments, out of which the first installment is payable on or before 09.12.2025 and the second installment is payable on or before 23.12.2025, to the credit of the loan account directly. The Tribunal has also ordered that in the event of failure of compliance with the said condition, the interim stay stands vacated and the respondent-financial institution would be at liberty to proceed further. But, the petitioners did not comply with the said condition.

4. Therefore, having already approached the Debts Recovery Tribunal challenging the proceedings initiated by the respondent- financial institution and having obtained an interim relief there and having failed to comply with the condition imposed by the Tribunal in the interim order, the petitioners filed this writ petition and sought to maintain parallel proceedings before this Court as well the Debts Recovery Tribunal, which is not permissible under law.

5. So, in the said facts and circumstances of the case, we are not inclined to interfere in the matter and to entertain the writ petition. The petitioners have to pursue their remedy before the Debts Recovery Tribunal itself. If they could not pay the amount in compliance with the condition within the time stipulated by the Debts Recovery Tribunal, they have to seek extension of time before the Debts Recovery Tribunal and it is within the discretion of the Debts Recovery Tribunal to grant or to refuse to grant further time. But, the petitioners cannot invoke the writ jurisdiction of this Court in the given facts and circumstances of the case.

6. Therefore, the writ petition is disposed of with a direction to the petitioners to pursue their remedy before the Debts Recovery Tribunal, where the Securitisation Application filed by them is pending.

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As a sequel, interlocutory applications, if any pending, in this case shall stand closed. There shall be no order as to costs.

________________________________________ JUSTICE CHEEKATI MANAVENDRANATH ROY

______________________________________ JUSTICE TUHIN KUMAR GEDELA Date: 22.12.2025 IBL

CMR,J & GTK,J W.P.No.35557 of 2025

THE HONOURABLE SRI JUSTICE CHEEKATI MANAVENDRANATH ROY AND THE HONOURABLE SRI JUSTICE TUHIN KUMAR GEDELA

WRIT PETITION No.35557 of 2025

Dt: 22.12.2025 IBL