AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Learned counsel for the appellant and the learned counsel for the respondent are present.
This appeal is filed against the interim order passed in IA 215/2026 in SA 67/2026.
SA 67/2026 has been filed to set aside the order passed by the learned Chief Metropolitan Magistrate, Egmore, Chennai, in Crl.M.P.No. 14862/2025 on 18.12.2025 under Section 14 of the SARFAESI Act. The main SA 67/2026 is still pending.
In the IA 215/2026, the learned Presiding Officer, DRT-III, Chennai, directed to make payment of Rs.50,00,0000/- in two instalments i.e. Rs.30,00,000/- on or before 26.02.2026 and the balance amount of Rs.20,00,000/- on or before 06.03.2026 and on compliance of the first condition, granted interim stay of all further proceedings. Aggrieved against this order, this appeal is filed.
Be that as it may, the main SA 67/2026 filed challenging the order passed under Section 14 of the SARFAESI Act, is still pending. Therefore, this Tribunal is of the view that the order passed by the learned Presiding Officer, DRT-III, Chennai in IA 215/2026 in SA 67/2026 can be modified to the effect that instead of paying a sum of Rs.50,00,000/-, appellant is directed to pay a sum of Rs.25,00,000/- to the respondent Bank within a period of three weeks from today. On such payment, learned Presiding Officer, DRT-III, Chennai, is directed to consider the stay application on merits and in accordance with law. On failure to make such payment, the learned Presiding Officer, DRT-III, Chennai, shall proceed further in accordance with law. Accordingly, this appeal is disposed. Parties are directed to bear their own costs. Pending IAs, if any, shall stand closed. The interim order of Status Quo, already granted in this appeal, is extended for a period of three weeks from today.