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Judgment
Learned Counsel for Appellant and R1 Bank are present.
This appeal is filed against interim order passed by the Learned Presiding Officer, DRT, Coimbatore in IA 3758 of 2025 filed in SA No. 752 of 2025.
The aforesaid Securitization Application has been filed to quash and set aside the e-auction sale notice dated 30.6.2025, fixing the sale on 25.7.2025. In the Securitization Application filed, the Learned Presiding Officer, DRT, Coimbatore, passed an order, on the basis of the submissions made and undertaking given by the Learned Counsel for Appellant before the Tribunal to make substantial payment to avert further SARFAESI measures, directing the Appellant to deposit to the loan account a sum of Rs.16.00 lakhs, on or before 31.7.2025, and another sum of Rs.16.00 lakhs, on or before 20.8.2025. On such payment, the Bank was directed to defer confirmation of the sale, if the sale was so held. Aggrieved against this order, this appeal is filed.
The Securitization Application SA No. 752 of 2025 has been filed, among various other grounds, to quash the sale notice dated 30.6.2025, fixing the sale on 25.7.2025 and for other incidental and consequential reliefs.
The grounds raised in the Securitization Application have to be adjudicated by the DRT. Therefore, this Tribunal is of the view that this appeal can be disposed of by giving Directions to the Learned Presiding Officer, DRT, Coimbatore to dispose the Securitization Application SA No. 752 of 2025 on merits and in accordance with law, as expeditiously as possible.
Accordingly, this appeal RA (SA) 3 of 2026 is disposed of with the directions to the Learned Presiding Officer, DRT, Coimbatore, as above.
Parties are directed to bear their own costs.
Pending IAs, if any, stand closed.