Debts Recovery Tribunals and Appellate Tribunals
ARUMUGAKANI vs IDBI BANK on 3 November 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 1652/2026 (Urgent) in IA 1653/2026 (Waiver) in A.IR:3104/2026
Arumugakani V/S IDBI Bank Ltd & anr
03/11/2026
Considering the reasons stated in the affidavit filed in support of the application, this urgent application is allowed. IA 1653/2026 ( Waiver) This appeal is filed against the order dismissing the IA 2393/2026 filed for Staying further proceedings in SA 708/2026. It is the submission of the learned counsel for the petitioner that the secured asset was valued and reserve price was fixed at Rs.12 crores. The secured asset is 2.15 acres. The loan outstanding is Rs.4,56,79,096.21p. Sale of a portion of the secured asset would have satisfied the loan due, but, the Bank has sold the entire property for the amount of Rs.12,11,00,000/- and it amounts to excessive execution. This ground was raised before the learned Presiding Officer, but, it was not considered on merits and dismissed the Stay application on the ground that the sale is already over and third party interest is created. Now the respondent is trying to register the sale certificate. Thus, he prays for staying the further proceedings. Learned counsel for R1 and R2 seeks time to file counter. In view of the urgency expressed and the contentious points involved in this appeal, this Tribunal directs the respondents not to proceed with the registration of the sale certificate or create any sort of encumbrance on the basis of the sale held in favour of the second respondent till the disposal of the waiver application. Post the matter on 12.11.2026 for filing counter.
Sd/-
Chairperson