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Judgment
This appeal is filed against the interim order passed by the learned Presiding Officer, DRT-II, Chennai, in IA 738/2026 in SA 238/2026 on 20.05.2026.
SA 238/2026 has been filed to set aside the sale notice dated 05.05.2026 scheduling the sale on 16.06.2026. When the securitization application was pending, appellant filed IA 738/2026 for staying the further proceedings. Learned Presiding Officer, DRT-II, Chennai passed an order granting Stay of the sale notice subject to payment of 20% of the amount due on or before 15.06.2026 and the equal amount within 15 days thereafter. Aggrieved against this order, this appeal is filed.
It is informed by the learned counsel appearing for the parties that the sale is not over. It is also gathered from the submissions that without complying the conditional order passed in IA 738/2026, this appeal is filed. Securitization application has been filed raising several grounds and the said securitization application is still pending. The grounds raised in the securitization application have to be tested before the DRT and the learned Presiding Officer DRT has to take a decision before this Tribunal considers the grounds raised in the securitization application.
In this view of the matter, this Tribunal, directs the learned Presiding Officer, DRT-II, Chennai to consider and decide the SA 238/2026 on merits and in accordance with law, as expeditiously as possible. Accordingly, this appeal is disposed. Parties shall bear their own costs. Pending IAs, if any shall stand closed.