Debts Recovery Tribunals and Appellate Tribunals
M/s S.R. Educational and Chairitable Trust Rep its Mr Shaji R and others vs Asset Reconstruction Company (Indian) Ltd Rep by its Authorised officer on 21 October 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 1488/2026 (Waiver) in A.IR:2370/2026
M/s S R Educational and Charitable Trust & 3 ors V/S Asset Reconstruction Company India Ltd
21/10/2026
Order pronounced (vide separate order) in open court.
The current outstanding as per Counter Affidavit filed by the Respondent Institution is Rs.241,67,25,492/- as on 12.10.2026.
With a view to give the Petitioners/Appellants an opportunity to pay the loan amount and save the property from being sold, and also considering that the 1st Respondent is an Educational Institution and running the Dental, Nursing Colleges, and the Dental Hospital, and in the interest of the students and patients, this Tribunal is of the view that directing the Petitioners/Appellants to deposit 25% of Rs.241,67,25,492/- would meet the requirement under Section 18(1) of SARFAESI Act, 2002, for entertaining the Appeal.
Admittedly, 25% of Rs.241,67,25,492/- comes to Rs.60,41,81,373/-.
Therefore, Petitioners/Appellants shall deposit Rs.60,41,81,373/- as pre deposit.
If the Petitioners/Appellants make deposit 10% of Rs.60,41,81,373/- i.e. Rs.6,04,18,137.30p, on or before 4.00 p.m. on 22.10.2026, the possession said to have been scheduled on 23.10.2026 shall be deferred till next hearing date.
The balance amount of Rs.54,37,63,235.70p shall be paid on or before 24.11.2026.
It is made clear that failure to deposit of either of the instalments, it is open to the Respondent to proceed further in accordance with law and the Appeal will be rejected. On making such deposit by Petitioners/Appellants, Registrar is to invest the same in a Nationalized Bank, from time to time, till further orders are passed and the Appeal shall be numbered. Post the case on 26.11.2026, for compliance of payments.
Sd/-
Chairperson