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Judgment
ORDER
This appeal is filed against the order passed in IA 4097/2025 in SA 820/2025 by the learned Presiding Officer, DRT, Madurai on 17.10.2025.
The first respondent filed SA 829/2025 to set aside the order passed by the learned Chief Judicial Magistrate, Tiruchirappalli in Crl.M.P.No.606/2025 on 20.03.2025. When the SA 829/2025 was pending, first respondent filed IA 4097/2025 for staying further proceedings. Learned Presiding Officer, DRT, Madurai passed a conditional order directing the first respondent to make payment of 50% of Rs.1,38,37,000/- in three equal instalments i.e. Rs.23,07,000/-each to the Bank. On such payment, learned Presiding Officer granted absolute stay of further proceedings pending disposal of the securitization application. Aggrieved against this order, the Bank has filed this appeal.
On a query, it is gathered that property had already been sold and auction purchaser has been impleaded in the securitization application. The scope of the securitization application against the order passed under Section 14 of the SARFAESI Act is very limited. When the property is sold and third party interest is created, it is not appropriate to stay the proceedings in the securitization application endlessly. Therefore, this Tribunal is of the view that this appeal can be disposed giving a direction to the learned Presiding Officer, DRT, Madurai to dispose the SA 829/2025 on merits and in accordance with law as expeditiously as possible. Accordingly, this appeal is disposed giving a direction to the learned Presiding Officer, DRT, Madurai to dispose the SA 829/2025 on merits and in accordance with law as expeditiously as possible.
Since the appeal is disposed, IA 311/2026 (Impleading) is not necessary and thus dismissed.
Parties shall bear their own costs.
Pending IAs, if any, shall stand closed.