M/s. Marson Polymers vs The South Indian Bank Ltd.

This appeal is filed against the interim order passed by the learned Presiding Officer, DRT-II, Chennai in SA 485/2025. By the said order, the learned Presiding Officer, DRT-II, Chennai, taking note of the fact that there was an outstanding of Rs.3,82,42,917.29p., directed the respondent Bank to maintain Status Quo subject to petitioner depositing 20% of the amount due within 10 days and further deposit equal sum within one month thereafter. As against this order, the present appeal is filed.

It is submitted by the learned counsel for the petitioner that after this order was passed by the learned Presiding Officer, DRT-II, Chennai, the appellant made substantial payment to the Bank. The appellant is also ready to pay the balance amount, if the Bank reduces the penal interest. Penal interest has been compounded and capitalized. The grievance of the appellant is that excessive penal interest is charged apart from charging non-financial penal charges.

Learned counsel for the respondent submitted that after giving credit to all the payments made, the loan due as of now is around Rs.93,00,000/-.

In view of the submissions of the learned counsel for the appellant that the appellant is ready to make payment of the balance amount subject to reducing the penal interest and other charges, this Tribunal is of the view that this appeal can be disposed giving direction to the learned Presiding Officer, DRT-II, Chennai to dispose the SA 485/2025 taking into consideration the substantial amount had been paid towards the loan due. The Bank is also directed to consider the request of the appellant sympathetically taking note of the fact that after the impugned order, substantial amount had been paid to the Bank towards the debt due. Accordingly, this appeal is disposed.

The learned Presiding Officer, DRT-II, Chennai is directed to dispose the SA 485/2025 taking into consideration the substantial amount had been paid towards the loan due on merits and in accordance with, law as expeditiously as possible.

Since, substantial payment had already been made, the amount due is only around Rs.93,00,000/- comparing to the amount claimed in the demand notice and possession notice, this Tribunal directs the Bank to maintain Status Quo for a period of two months from today. Thereafter, It is left open to the learned Presiding Officer, DRT-II, Chennai to decide on the continuance or discontinuance of the order of Status Quo depending on the need and exigency.

Parties shall bear their own costs.

Pending IAs, if any, shall stand closed.