Debts Recovery Tribunals and Appellate Tribunals
V Saravanan vs INDIAN OVERSEAS BANK on 2 November 2026
IN THE DEBT RECOVERY APPELLATE TRIBUNAL
AT CHENNAI
Dated the 2nd day of November, 2026
PRESENT : HON’BLE MR. JUSTICE G. CHANDRASEKHARAN
CHAIRPERSON
MA (SA) 95/2026
(Arising out of IA 1778/2026 in SA 531/2026 on the file of DRT-III, Chennai)
Between
V. Saravanan,
S/o P. Vengadasalam,
Residing at LIG 60 NH1,
Dr. Ambedkar Street,
Maraimalai Nagar,
Chengalpattu Taluk & District.
… Appellant
And
M/s. Indian Overseas Bank,
Nandhivaram Guduvanchery Branch,
Gandhi Street, Opp. CSI Church,
Nandhivaram, Guduvancherry,
Kancheepuram 603 202,
Rep. by its Authorised Officer,
Mr. Hanok Nuthalapathy (Chief Manager) …Respondent
Counsel for Appellant
: M/s. K. Nithyavendhan
Counsel for Respondent : M/s. V. Rajeswari
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ORDER
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
2. 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.
3. 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.
4. 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.
[Dictated to Steno (ra) in open court, transcribed by her, corrected and signed by me, this 2nd day of November, 2026]
Sd/- [Justice G. Chandrasekharan] Chairperson