Debts Recovery Tribunals and Appellate Tribunals
K.ELIAS vs HERO FINCORP LTD on 11 November 2026
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 656/2026 (Waiver) in A.IR:87/2026
K.Elias V/S Hero Fincop Ltd & 6 ors
11/11/2026
This appeal is filed against the order passed by the learned Presiding Officer, DRT- I, Ernakulam in IA 4368/2025 in SA 564/2025, on 11.12.2025.
SA 564/2025 has been filed to call for the records relating Annexure-A9/ possession notice and quash same and for other reliefs. When the securitization application is pending, IA 4368/2025 has been filed to Stay all further proceedings pursuant to Annexure A-11, notice dated 24.10.2025 issued by the Advocate Commissioner in MC 853/2025 on the file of the Additional Chief Judicial Magistrate, Eranakulam. This application was dismissed by the learned Presiding Officer. Therefore, this appeal is filed.
Learned counsel for the petitioner submitted that SA 564/2025 is filed challenging the possession notice mainly on the ground that 6th respondent in this case viz., Ajo K.Elias said to have executed memorandum of deposit of title deed in favour of the first respondent in respect of the property mentioned in the demand notice issued under Section 13(2) of the SARFAESI Act. This Memorandum of deposit of title deed has been executed on the basis of the Will executed by the appellant- father of the 6th respondent on 26.03.2014. When appellant is still alive, the Will cannot be said to have come into force. The Will can be cancelled at any time by the appellant and therefore, the very creation of mortgage by deposit of title deed by the 6th respondent is illegal and on that basis, securitization application has been filed challenging the possession notice. He also submitted that as per the order of the Hon’ble High Court of Kerala, in WP (C ) 48356/2025, Rs.20,00,000/- was deposited as pre-deposit. Thus, learned counsel for the petitioner seeks waiver of pre-deposit. No other ground is urged in support of waiver of pre-deposit.
Though the learned counsel for the first respondent log-in through V.C., he is not able to address the Tribunal for the reason that there is some technical issue with the audio.
Therefore, for the purpose of giving reply, post the matter on 12.11.2026.
Sd/-
Chairperson