Debts Recovery Tribunals and Appellate Tribunals
M/S VISUAL INSTINCT INDIA PRIVATE LIMITED vs INDIAN OVERSEAS BANK on 20 February 2026
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BEFORE THE HON’BLE PRESIDING OFFICER, DRT, NAGPUR M.A. No. 112/2025 M/s. Visual Instinct India Pvt. Ltd. & Another Vs. Indian Overseas Bank & Others
Sr. No. 8 (UR) Date Exh. No. Roznama Order Next Date 20.02.2026
The Ld. Counsel for both sides are present. The Ld. Counsel for applicants has filed a pursis mentioning therein the order passed by the Hon’ble High Court of Judicature at Bombay, Nagpur Bench, Nagpur in Writ Petition No. 5751/2025 dated 10.02.2026. The same has been noted by Ld. Counsel for respondents. M.A. No. 112/2025 Heard both sides. The Ld. Counsel for applicants has submitted that due to inadvertence, S.A. could not be filed within stipulated period and they came to know about the action of respondent only when the police personal came to take possession over the secured asset on 20.08.2025. As such, the delay of 191 days in filing S.A. may be condoned. It has been further submitted that they had no knowledge with regard to demand notice dated 03.04.2021 and subsequent sale taken place on 23.08.2023. He has further submitted that the judgments relied by respondents are not applicable in the present context. As such, the same may be allowed.
Contd.
Contd. 20.02.2026
The same has been opposed by Ld. Counsel for respondent no. 1, who has submitted that relevant documents with regard to demand notice dated 03.04.2021 has been annexed with pending S.A. and subsequently symbolic possession notice of secured asset was issued on 18.10.2021 and the applicants were well aware with regard to auction of the secured asset taken place on 23.08.2023 & issuance of sale certificate in favour of respondent no. 2 on 10.04.2024 and the order passed by Ld. 16th Jt. CJSD & ACJM, Nagpur dated 17.01.2025 in connection with Cri. M.A. No. 5717/2025. Even then, the applicants have intentionally not filed S.A. within stipulated period as required U/s. 17 of SARFAESI Act. As such, there is delay of 1621 days in filing S.A. It has been further submitted on his behalf that no cogent reason has been assigned by applicants for condoning such delay and in view of judgments passed by the Hon’ble Supreme Court, reported in Civil Appeal Nos. 8435 - 8436 of 2024 in (@ SLP (Civil) Nos. 2733 - 2734 of 2024) dated 05.08.2024 and 2026 LawSuit (SC) 34 dated 07.01.2026, the same may not be allowed. The Ld. Counsel for respondent no. 1 has drawn attention of this Tribunal towards the conduct of the applicants in not arguing the case and being absent on 12.12.2025, 26.12.2025, 05.01.2026, 16.02.2026 and has sought adjournment for arguing the case on 18.02.2026, even after completion of pleadings on 21.11.2025, even after having full knowledge with regard to the
Contd.
Contd. 20.02.2026
order passed by the Hon’ble High Court of Judicature at Bombay, Nagpur Bench, Nagpur in Writ Petition No. 5751/2025 dated 26.09.2025. The Ld. Counsel for respondent no. 2 has submitted that they have purchased the secured asset in e-auction conducted on 16.08.2023 and the sale certificate has already been issued in their favour on 10.04.2024 and the same has not been challenged within stipulated period by the applicants. As such, the delay in filing S.A. may not be condoned. Considering the submissions of both sides and material placed on record, it is apparent clear that demand notice dated 03.04.2021 has been issued and served on the main borrower, who has not approached the Tribunal, despite passing of the order in O.A. No. 403/2021 decided on 06.10.2023 and there is nothing on the record to suggest that the main borrower has appeared in R.P. Case No. 94/2023 prior to filing of this application. There is nothing on the record to suggest that the applicants were not aware with regard to e-auction conducted on 23.08.2023 and the order passed by 16th Jt. CJSD & ACJM, Nagpur dated 17.01.2025 passed in connection with Cri. M.A. No. 5717/2025. It is apparent clear that no cogent reason has been assigned by the applicants why the S.A. has been filed on 10.09.2025 even beyond the limitation period as required U/s. 17 of SARFAESI Act and in view of consistent judgments passed by the Hon’ble Supreme Court, I do not find any merit in the
Contd.
Contd. 20.02.2026
present application. Accordingly, the same is hereby disposed of. Accordingly inform to the Hon’ble High Court of Judicature at Bombay, Nagpur Bench, Nagpur as required in Writ Petition No. 5751/2025 dated 10.02.2026 in this regard.
(Pankaj Kumar) Presiding Officer, DRT, Nagpur.
VIKAS