Debts Recovery Tribunals and Appellate Tribunals
Sri Vaari Enterprises Rep by its Proprietor J. Srinivasalu vs UNION BANK OF INDIA on 4 November 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 4th day of November, 2026
PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN
CHAIRPERSON
MA (SA) No.104/2026
(arising out of IA No.1084 of 2026 in SA No.338 of 2026 on the file of DRT-II, Chennai)
Between
1.
M/s. Sri Vaari Enterprises,
Rep. by its Proprietor J. Srinivasalu,
No. 35/1, Ground Floor, 4th Cross,
Doddanna Industrial Estate, Hegganahalli, Peenya II Stage,
Also at:
No. 6/1-A, Pinpeline Road, Hoysala Nagar, Vishwaneedam Post, Sunkadakatte, Magadi Road, Bengaluru – 560 091
Having premises at Shed No.9, 7th Cross, KTG Main Road, Srigandha Nagar, Hegganahalli, Peenya, Bengaluru – 560 091
Also at:
Venkatasamudram Post, Via Thuttipet, Ambur Taluk, Vellore, Tamil Nadu, Pin – 632 511
… Appellant
And
Union Bank of India,
SSI Finance Branch,
No. 43/1, 1st Floor, Tumkur Road,
Yeshwantpur Industrial Suburb,
Bengaluru – 560 022
Now Rep. by its Authorised Officer,
S.K. Vasanth Kumar, S/o. S. Karuppiah,
1-1, Ground Floor, Sampige Road, Malleswaram, Bengaluru – 560 003
... Respondent
Counsel for Appellant:
M/s.Shraddha & Saburi
Counsel for Respondent:
M/s. A. Jaishankar
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ORDER
This appeal is taken up upon numbering of this appeal, as the conditional order in the waiver application is complied.
2. This appeal is filed primarily on the basis of order dated 10.7.2026 passed in IA No.1084 of 2026 in SA No.338 of 2026 seeking staying of further proceedings in the Securitization Application. The Learned Presiding Officer, DRT-II, Chennai passed an order on 10.7.2026 directing the Respondent Bank to maintain status quo subject to deposit of 20% of the amount due within 10 days and an equal sum within one month thereafter. Without complying this order, this appeal is filed.
3. SA No. 338 of 2026 has been filed to set aside the order dated 4.7.2026 passed by the Learned Chief Judicial Magistrate, Tirupathur in Crl. M.P. No.9001 of 2024 under Section 14 of the SARFAESI Act, 2002. The grounds raised challenging this order has to be adjudicated by DRT-II, Chennai before this Tribunal considers those grounds.
4. In this view of the matter, this Tribunal is of the view that this appeal can be disposed by giving directions to the Learned Presiding Officer, DRT- II, Chennai to dispose of SA No.338 of 2026, as expeditiously as possible, on merits and in accordance with law.
5. Accordingly, Appeal MA (SA) No. 104 of 2026 is disposed of with the above directions to Learned Presiding Officer, DRT-II, Chennai.
6. Parties are directed to bear their own costs.
7. Pending IAs, if any, stand closed.
Sd/- (JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON