Mr VIJAYAN T.P. AND OTHER vs OMKARA ASSET RECONSTRUTION PRIVATE LIMITED on 23 October 2026

1. Present as under:

Mr. Ashwin P., Mr. Kalpak Mainkar, Counsel for Applicants/Borrowers. Mr. Darshan Solanki, Counsel for Respondents.

2. Vide order dated 08.10.2026, the waiver application I.A. No. 582/2026 filed by the Applicants/Borrowers was disposed of thereby directing the Applicants/Borrowers to deposit 40% of the amount stated in the Notice for taking symbolic possession as recorded in paragraph 10 of the said order.

3. The Learned Counsel for the Applicants/Borrowers would submit that the Applicants/Borrowers could not deposit the amount as directed to be deposited in compliance with Section 18 of the SARFAESI Act on or before 22.10.2026 and notwithstanding the directions issued by the Hon’ble High Court of Bombay vide order dated 09.10.2026 passed in Writ Petition (L) No. 29947/2026.

4. It would be pertinent to mention that in the order dated 08.10.2026, it was specifically stated that in the event of failure to deposit the

said amount till 22.10.2026, the Appeal shall stand dismissed automatically without further reference to this Appellate Tribunal.

5. It would again important to revisit Section 18 of the Act. It reads: “18. Appeal to Appellate Tribunal.—(1) Any person aggrieved, by an order made by the Debts Recovery Tribunal [under section 17, may prefer an appeal alongwith such fee, as may be prescribed] to the Appellate Tribunal within thirty days from the date of receipt of the order of the Debts Recovery Tribunal: Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower Provided further that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent. of the amount of debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less: Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent. of debt referred to in the second proviso.

(2) …………………………………………………………………”

6. It is specifically mentioned in the 2nd proviso to section 18 of the ‘Act’ that no appeal shall be entertained unless the borrower deposits the amount.

7. Therefore, for non-compliance of the provision of section 18 under the direction by the Hon’ble High Court of Bombay in its order dated 09.10.2026 and in order dated 08.10.2026 of this Appellate Tribunal, the Regular Appeal (Diary) No. 1747/2026 is rejected.

8. All pending, I.As. if any, stand dismissed. Sd/- Chairperson 23.10.2026 Psa-01