Debts Recovery Tribunals and Appellate Tribunals
LSP AGRO LIMITED vs ASSET RECONSTRUCTION COMPANY(INDIA) LIMITED on 11 September 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
T.P:22/2026
L S P Agro Ltd & anr V/S Asset Reconstruction Company (India) Ltd & 2 ors 11/09/2026
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.
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.
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.
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.
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.
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.
Parties are directed to bear their own costs.
Sd/-
Chairperson