Debts Recovery Tribunals and Appellate Tribunals
LIC HOUSING FINANCE LIMITED vs TUSHAR RANJAN SAHU on 26 October 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Misc Appln 74/2026 (Speedy disposal) [A.IR:1436/2026]
LIC Housing Finance Ltd V/S Tushar Ranjan Sahu 26/10/2026
This application is filed under Section 17(6) of the SARFAESI Act, 2002 seeking directions to the Learned Presiding Officer, DRT-III, Chennai to dispose SA 332 of 2025 at the earliest.
SA 332 of 2025 has been filed under Section 17(1) of the SARFAESI Act, 2002 before DRT-III, Chennai to declare the sale notice dated 15.4.2025 as null and void and non est in law.
It is the submission of the Learned Counsel for Petitioners/Appellants that the said Securitization Application has been filed on the date of the sale. Learned Presiding Officer, DRT-III, Chennai passed an order that in view of the availability of bidders, the Bank was permitted to go ahead with the sale and defer confirmation of the sale till next hearing i.e., till 4.6.2025. Status quo was granted till then. The property has since been sold in an auction sale. Due to the status quo, the sale is not yet confirmed. In the said circumstances, Learned Counsel for Petitioners seeks for early disposal of SA 332 of 2025.
Learned Counsel for Respondent submitted that when the Learned Counsel for the Respondent cited certain violations in the conduct of the sale, the Bank alone had sought an adjournment.
In view of the limited scope of this application for early disposal of the Securitization Application, and in view of the pendency of the status quo operating against the Petitioners, this Tribunal directs the Learned Presiding Officer, DRT-III, Chennai to dispose the stay application, if any filed, within a period of three weeks from the date of receipt of copy of this order, and the main Securitization Application itself, as expeditiously as possible, on merits and in accordance with law.
Accordingly, Miscellaneous Application 74 of 2026 (Speedy Disposal), is disposed.
Sd/-
Chairperson