Debts Recovery Tribunals and Appellate Tribunals
Rameesh Maligai Rep by Proprietor Mr Rameesh vs HDFC BANK on 15 October 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 15th day of October, 2026
PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN
CHAIRPERSON
MA (SA) 100 of 2026
(arising out of IA No. 450 of 2026 in SA No. 103 of 2026 on the file of DRT, Madurai)
Between
M/s. Rameesh Maligai,
Rep. by Proprietor Mr. Rameesh,
No. 285, Nehru Bazaar,
Sivagangai – 630 561
… Appellant
And
1.
M/s. HDFC Bank Limited,
Rep. by its Authorised Officer,
Sri Nithya Kalyani Towers,
No. 34, Krishnarayar Tank Street,
North Veli Street, Madurai,
Tamil Nadu – 625 001
2.
M/s. HDFC Bank Limited,
Rep. by its Chief Manager,
No. 34, Krishnarayar Tank Street,
North Veli Street, Madurai,
Tamil Nadu – 625 001
... Respondents
Counsel for Appellant:
M/s. D. Santhosh Kumar
Counsel for Respondents: M/s. T.K.M. Sai Krishnan
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ORDER
Learned Counsel for both sides are present.
2. This appeal is filed against the order passed by the Learned Presiding Officer, DRT, Madurai in IA 450/2026 in SA No.103/2026 dated 4.3.2026. SA 103/2026 has been filed to set aside the possession notice dated 29.12.2025 and for consequential and incidental reliefs.
3. Appellant sought for a stay of all further proceedings, by filing IA No.450/2026, wherein Learned Presiding Officer passed an order dated 4.3.2026 staying the possession notice till 6.7.2026, subject to payment of 40% of the entire loan amount in four equal instalments, as detailed in the impugned order. Aggrieved against this order this appeal is filed.
4. This appeal is filed only against an interim order passed in SA No.103/2026. The aforesaid said SA filed to set aside the impugned possession notice is still pending. Therefore, this Tribunal is of the view that this appeal can be disposed by modifying the order of the Learned Presiding Officer, DRT, Madurai dated 4.3.2026 passed in IA No.450/2026 (stay).
5. Thus, this Tribunal modifies the impugned order and directs the appellant to make payment of 25% of the loan amount to the first respondent bank instead of 40%, within a period of three weeks from today. On such payment, it is for the Learned Presiding Officer to decide staying of further proceedings in the SARFAESI application.
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6. Accordingly, Learned Presiding Officer is directed to decide the stay application in SA No.103/2026 as expeditiously as possible and in accordance with law. In the meanwhile, first respondent bank is directed not to take any further measures till next three weeks from today.
7. In the result, this Appeal MA(SA) 100/2026 is disposed of, with the above directions.
8. Parties are directed to bear their own costs.
9. Pending IAs, if any, stand closed.
Sd/- (JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON