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I.A. No.1126/2026 (application for waiver of pre-deposit)
The instant application is filed for seeking waiver from making the pre-deposit on the ground that the appellant is only a bona fide purchaser of the subject property for a valuable consideration. It is stated that the appellant is neither the borrower nor guarantor nor mortgagor and as such the appellant is not liable to make the pre-deposit. The appellant is neither the borrower nor guarantor nor mortgagor. Hence, the appellant is not liable to make the pre-deposit. The application is accordingly allowed and the appellant is exempted from making the pre-deposit.
The appellant filed SA. baring no.197/2026 titled as Neeraj Kumar Vij V. Asset Care and Reconstruction Enterprises Limited & others which is stated to be pending before DRT-III, Chandigarh. DRT-III, Chandigarh vide the impugned order dated 22.07.2026 has declined to restrain the respondent no.1 which is Financial Institution from taking possession of the subject property from the appellant. The impugned order dated 22.07.2026 reads as under:
Record of the SA was placed before me today alongwith IA No.1314/2026, which is application moved by the applicant for preponement of date from 01.08.2026 to an early date.
Heard.
Ms. Ridhi Bansal, Advocate argued that dispossession letter dated 08.07.2026 was issued vie which physical possession of the property in question is fixed for 29.07.2026 in execution of order dated 27.01.2026 passed by District Magistrate, Khanna.
Per contra, Sh. Arshbir Singh, Advocate submitted that Hon'be High Court of Punjab & Haryana at Chandigarh passed order dated 29.05.2026 in CWP No.18113/2026 to the effect that writ petition is disposed of with the direction to competent authority to comply with order dated 20.01.2026 within a period of 60 days.
In the light of above it appears that Hon'ble High Court as ordered to take possession of the secured asset. Present IA is filed at the eleventh hour. There is not valid ground to prepone the date.
Therefore, I.A. No.1341/2026 is dismissed.
Put up on date fixed as ordered earlier, i.e. 01.08.2026 for arguments.
It is reflecting from the impugned order dated 22.07.2026 that the respondent no.1 had filed a Writ Petition bearing no.18113/2026 titled as Asset Care and Reconstruction Enterprise Limited (ACRE) V. State of Punjab & others before Punjab and Haryana High Court and vide order dated 29.05.2026 the writ petition was disposed of by the High Court with direction to competent authority to comply with the order dated 20.01.2026 within a period of 60 days unless there is any legal impediment in doing so. The order dated 20.01.2026 was issued under Section 14 of the SARFAESI Act by the office of the Additional District Magistrate, Khanna, District Ludhiana for taking possession of the subject property.
Ms. Sidhi Bansal, Advocate for the appellant argued that the order dated 29.05.2026 passed by the Punjab and Haryana High Court was not passed on merit, rather, it has left open to the appellant to make submissions before this Tribunal. It is further argued that the respondent no.1 has not conducted itself properly and has concealed many facts regarding the liability of the appellant in respect of the subject property.
Ms. Sangeeta Sondhi, Advocate for the respondent no.1 argued that the direction given by the Punjab and Haryana High Court vide order dated 29.05.2026 are clear and no exception can be admitted in the said order dated 29.05.2026.
The perusal of the impugned order dated 22.07.2026 reflects that DRT-III, Chandigarh has referred the order dated 29.05.2026 and on the basis of the said order has disposed of the I.A. preferred by the appellant for preponement of the date of hearing. The perusal of the order dated 29.05.2026 passed by the Punjab and Haryana High Court also reflects that a positive direction was issued to comply with the order dated 20.01.2026. The arguments advanced by the counsel for the appellant are misconceived and without any legal basis. There is no illegality or infirmity in the impugned order which warrants interference by this Tribunal. Hence, the appeal is dismissed as being devoid of any merit.