Debts Recovery Tribunals and Appellate Tribunals
Kalyani Exporters vs PEGASUS ASSETS RECONSTRUCTION PVT LTD on 11 November 2026
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**DEBT RECOVERY APPELLATE TRIBUNAL-MUMBAI (SITTING AT -CHENNAI)**
**M.A. No. 46/2026**
**In**
**[Regular Appeal No. 45/2011-Disposed of]**
**Dated: 11.11.2026**
The matter is taken up for hearing by way of a praecipe filed by the Petitioners/Appellants for seeking urgent relief.
The M.A. No. 46/2026 filed for releasing the amount of ₹99.41 lakhs with accrued interest lying in deposit in the Regular Appeal No. 45/2011.
It is the submission of the Learned Counsel for the Petitioners/Appellants that as per the order passed in M.A. 371/2011 in Appeal No. 45/2011, the 1<sup>st</sup> Respondent, Pegasus Assets Reconstruction Pvt. Ltd was directed to deposit a sum of ₹99.41 lakhs within two weeks from the pre-deposit order and direction to the Registrar to deposit the amount initially for the period of 13 months, and thereafter, to be renewed from time to time as and when required.
The Learned Counsel for the Petitioners/Appellants submitted that the 1<sup>st</sup> Respondent Pegasus Assets Reconstruction Pvt. Ltd has issued satisfaction of loan dues of the Petitioners/Appellants and that the borrowers, co-borrowers, mortgagors and guarantors do not owe any dues in respective of credit facilities originally availed from IndusInd Bank and the debt assigned to the Pegasus Assets Reconstruction Pvt. Ltd.
The amount of ₹99.41 lakhs represents surplus sale proceeds, because of that, this amount may be returned to the Petitioners/Appellants with accrued interest, after retaining /adjusting the EPF claim of ₹77,19,884/- as per the letter dated 22.08.2012.
1
The Learned Counsel for the 1<sup>st</sup> Respondent present and submitted that there is no due payable by the Petitioners/Applicants to the 1<sup>st</sup> Respondent and has no objection to return of this amount to the Petitioners/Appellants.
Under the said circumstances, the amount of ₹99.41 lakhs with accrued interest, if any, after deducting the EPF claim of ₹77,19,884/-, is ordered to be paid to the Petitioners/Appellants under proper acknowledgment. Accordingly, this Application is ordered.
All pending, LAs, if any, stand closed.
**CHAIRPERSON, DRAT, CHENNAI** **(IN-CHARGE, DRAT, MUMBAI)**
MKS-01(SB)/PAM