Debts Recovery Tribunals and Appellate Tribunals
Pegasus Assets Reconstruction Pvt. Ltd vs SARANGAPANI on 24 July 2026
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 24th day of July, 2026
Present: SMT. S.V. GOWRAMMA
Presiding Officer
M.A. No.166 of 2026 in OA Dy.No.3554/2024
M/s Pegasus Assets Reconstruction Private Limited, No.55-56, 5th floor, Free press house, Nariman Point, Mumbai- 400 021
Also at:
Flat No.1-C, 1st floor,
H.M.H. Plaza, New No. 56(o) 105,
G.N. Chetty road, T Nagar- 600 017,
Rep by its Authorized Signatory,
Mr. Vivek Arayakat
...Applicant
-Vs-
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1. Mr.A. Sarangapani,
S/o Mr. C. Arjunan,
No.6/8, Shivaji Ganesan street,
S.V.Nagar, Oragadam (Puthur), Ambattur, Chennai- 600053
2. Mrs Rajeshwari,
W/o Mr.A. Sarangapani,
No.6/8, Shivaji Ganesan street,
S.V.Nagar, Oragadam (Puthur), Ambattur, Chennai- 600053
…Defendants
Counsels on record / appeared:
Counsel for Applicant : M/s. K. Ramesh
ORDER IN MA No. 166/2026
1. MA No.166 of 2026 is taken up. This is an application filed by applicant bank for condonation of delay of 106 days in re-presenting the OA
2. Perused the Affidavit filed on behalf of the Applicant bank.
3. It is submitted by applicant bank that the present OA was filed for recovery of sum of Rs.2,55,80,914.50p together with interest and costs. It is submitted that the OA was returned by the Registry on 02.12.2025 for few corrections and compliance. The counsel’s junior had mistakenly tied the returned papers with other SA case without knowledge of the counsel. As the counsel was down with viral fever, the case papers could not be traced out immediately. Hence OA could not be re-presented within the time granted by this Tribunal, which is neither wilful nor wanton, but only due to aforesaid reasons. Therefore, the applicant bank prayed for condonation of delay of 106 days in representing the OA. Perused the Affidavit filed on behalf of the Applicant bank and the records of the case.
4. As OA is filed for recovery of money due from borrower and in view of the fact that the bank being a financial institution is the custodian of the public money held under trust, the Tribunal relying on the judgment of Hon’ble High Court of Madras (At Madurai) in the judgment of V.P. Rajula -Vs.- K.J. Sakadeva Raja reported in LAWS (MAD)- 2020-8-441 feels it apt to condone the delay and give opportunity to applicant to prosecute their case.
5. Accordingly, MA No.166/26 stands allowed and delay is condoned, subject to payment of cost of Rs.2,000/- to the Tamil Nadu State Legal Services Authority on or before 14.08.2026 by the applicant and to file the compliance report before the Registry.
6. In case of the applicant complying with the order and filing compliance memo, Registry is directed to number the OA, if otherwise found to be in order. It is clarified that in case if the applicant bank fails to comply with the conditional order above, MA stand dismissed automatically without there being any need to pass separate order.
Sd/-
(S.V. GOWRAMMA)
PRESIDING OFFICER,
DRT-III, CHENNAI (Dictated to Roshnee, typed by her, corrected, signed and pronounced by me in Open Court, on this the 24th day of July, 2026)