Thirupathi Agencies vs ICICI BANK LIMITED on 8 September 2026

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

M.A(S.A):68/2026

Thirupathi Agencies & 2 ors V/S ICICI Bank ltd 08/09/2026

This appeal is filed against the interim order passed by the learned Presiding Officer, DRT-II, Chennai, in IA 726/2026 in SA 233/2026, on 18.05.2026. SA 233/2026 has been filed to declare the sale notice dated 11.04.2026 published in New Indian Express daily newspaper by the respondent fixing the sale on 19.05.2026 as void and arbitrary and to set aside the same. Along with the securitization application, appellants filed IA 726/2026 for staying the further proceedings. Learned Presiding Officer, DRT-II, Chennai passed an order on 18.05.2026 staying the sale notice subject to the petitioners/appellants depositing 20% of the amount due, on or before 19.05.2026 and making further deposit of 25% of the amount due within 15 days thereafter. Aggrieved against this order and without complying any of the condition, this appeal is filed. Learned counsel for the respondent submits that in view of non-compliance of the conditional order, sale was held and it was challenged by filing another SA 322/2026, which is also pending before the Tribunal. Securitization application has been filed raising several grounds touching upon the merits of the sale notice. The ground raised in the securitization application have to be taken up before the DRT and the and decision has to be rendered. Only thereafter, this Tribunal can consider those grounds, if an appeal is filed against the order passed by the DRT. In this view of the matter, this Tribunal is of the view that the appeal can be disposed giving direction to the learned Presiding Officer, DRT-II, Chennai to dispose the SA 233/2026, on merits and in accordance with law, as expeditiously as possible. Accordingly, this appeal is disposed. Parties shall bear their own costs. Pending IAs, if any shall stand closed.

Sd/-

Chairperson