V Saravanan vs INDIAN OVERSEAS BANK on 2 November 2026

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

M.A(S.A):95/2026

V Saravanan V/S Indian Overseas Bank

02/11/2026

This appeal is filed against the order dated 05.08.2026 passed by the learned Presiding Officer, DRT-III, Chennai in IA 1778/2026, filed for restraining the further proceedings in SA 531/2026 It is submitted by the learned Counsel appearing for the appellant that SA 531/2026 has been filed to set aside the order passed by the learned Chief Judicial Magistrate, Chengalpattu in Crl.M.P.No. 1472/2026 on 02.07.2026, under Section 14 of the SARFAESI Act. It is an admitted position that the securitization application in SA 531/2026 is still pending. The ground raised in the securitization application has to be considered by the learned Presiding Officer, DRT-III, Chennai before it can be considered by this Tribunal. In the said circumstances, this Tribunal is of the view that the learned Presiding Officer may be directed to dispose the SA 531/2026 in accordance with law. Thus, the learned Presiding Officer, DRT-III, Chennai, is directed to consider and dispose the SA 531/2026 on merits and in accordance with law as expeditiously as possible. There shall be an order of Stay against taking physical possession of the secured asset for a period of one month from today. Thereafter, it is for the learned Presiding Officer, DRT-III, Chennai to decide on the extension of Stay or its discontinuance. Accordingly, this appeal is disposed. Parties shall bear their own costs. Pending IAs, if any shall stand closed.

Sd/-

Chairperson