Debts Recovery Tribunals and Appellate Tribunals
LSP AGRO LIMITED vs ASSET RECONSTRUCTION COMPANY(INDIA) LIMITED on 11 September 2026
P a g e 1 | 3
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 11th day of September, 2026
PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN
CHAIRPERSON
TP 22 of 2026
(arising out of New Diary No. NDN/82/2026 (TSA), Old NDN/56/2026
on the file of DRT-I, Chennai)
Between
1. L.S.P. Agro Limited
Represented by its Managing Director,
Mr. B.S. Krishnan,
Having its Registered Office at:
22, Ponneri High Road,
Elanthancherry,
Andarkuppam Check Post,
Manali New Town,
Tamil Nadu, Chennai – 600 103
2. B.S. Krishnan,
S/o. (late) K. Somasundaram Chettiar,
No.280-B, Raman Road,
AVK Nagar,
Salem – 636 004
… Appellants
And
1. The Authorised Officer
Asset Reconstruction Company (India) Ltd The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028
2. Kotak Mahindra Bank Ltd,
I Floor, Ceebros Centre,
No.39, Montieth Road,
Egmore, Chennai – 600 008
3. Omkara Assets Reconstruction Private
Limited,
Represented by its Authorised Officer,
Having Registered Office at:
No. 9, M.P. Nagar, First Street,
Kongu Nagar Extn., Tirupur – 641 607
... Respondents
Counsel for Appellants:
M/s. A. Sikkandar
Counsel for 3rd Respondent:
M/s. A.K. Mylsamy & Associates LLP
P a g e 2 | 3
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
ORDER
Learned Counsel for the Petitioners and R2 Respondent Bank and R3 Respondent Financial Institution are present. It is informed by the 3rd Respondent that the 1st Respondent had assigned the loan in favour of the 3rd Respondent.
2. This Transfer Petition is filed to transfer the Securitization Application bearing New Diary No.NDN/82/2026 (TSA), Old NDN/56/2026 pending on the file of DRT-I, Chennai to any other Tribunal.
3. It is the submission of the Learned Counsel for the Petitioners that the incumbent Learned Presiding Officer, DRT-I, Chennai had recused himself from adjudicating SA No. 18 of 2025 and SA Dy. No. 85 of 2025 for personal reasons. Therefore, TP No. 11 of 2026 had been filed for transfer of these cases to any other DRT. This Tribunal passed order in TP 11 of 2026 directing the transfer of SA No. 18 of 2025 and SA Dy. No.85 of 2025 to DRT-II, Chennai for disposal in accordance with law.
4. SA New Diary No.NDN/82/2026 (TSA), Old NDN/56/2026, pending before DRT-I, Chennai is connected with the aforesaid two Securitization Applications. The Learned Presiding Officer, DRT-I, Chennai again recused himself from trying this case and transferred to DRT-II, Chennai. The Learned Presiding Officer, DRT-II, Chennai observed that the Learned Presiding Officer, DRT-I, Chennai has no powers to transfer and the transfer order has to be passed by DRAT, Chennai. In this background, this Transfer Petition TP 22 of 2026 is filed.
P a g e 3 | 3
5. Since the Learned Presiding Officer, DRT-I, Chennai had recused himself from trying the connected cases for personal reasons, it may not be appropriate for him to try this case, especially when two other connected cases had already been transferred to DRT-II, Chennai by this Tribunal.
6. In this view of the matter, this Transfer Petition TP 22 of 2026 is allowed, and the Securitization Application bearing New Diary No. NDN/82/2026 (TSA), Old NDN/56/2026 is ordered to be transferred to DRT-II, Chennai, for trying along with SA 18 of 2025, and SA Dy No.85 of 2025.
7. Parties are directed to bear their own costs.
Sd/- (JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON