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Judgment
This appeal is filed against the order passed in IA 190/2026, Stay petition, filed in SA 59/2026 by the learned Presiding Officer, DRT-III, Chennai.
SA 59/2026 has been filed to set aside the e-auction sale notice dated 20.12.2025 and fixing the sale of the property on 28.01.2026.
When the petitioners filed an application for stay of the sale, the learned Presiding Officer, passed an order on the basis of the voluntary submissions made by the petitioners, granting interim stay against the sale scheduled on 28.01.2026 subject to payment of Rs.25,00,000/- on or before 11.00 a.m. on 28.01.2026.
It is the submission of the learned counsel for the appellants that since the time was too short, the amount could not paid by the appellants, but, paid the amount on 31.01.2026. The sale was over. Aggrieved against this order, this appeal is filed.
It is informed by the learned counsel for the respondent-Bank that since the appellants had not complied with the condition, sale was held in favour of one Pachamuthu Supramaniam for a sum of Rs.4,30,20,000/-. It is also submitted by the learned counsel for the respondent-Bank that the balance amount of Rs.2,85,30,371.31p., after apportioning the loan due, was credited to the account of the appellants.
Be that as it may, this appeal is filed only against the interim order. SA 59/2026 filed challenging the sale is pending consideration of the learned Presiding Officer, DRT-III, Chennai. Several grounds have been raised in the SARFAESI application challenging the sale notice and the sale. Those grounds have to be first agitated before the Tribunal, and decided by the learned Presiding Officer, DRT-III, Chennai.
In view of the fact that this appeal is filed against the interim order, this Tribunal is of the view that this appeal can be disposed of with a direction to the learned Presiding Officer, DRT-III, Chennai to dispose the SA 59/2026 on merits and in accordance with law as expeditiously as possible. This appeal is disposed of accordingly. Parties shall bear their own costs. Pending IAs, if any, shall stand closed.