Delay in Complying with Conditional Order: DRAT directs Expeditious disposal of Main SA and Grants Status Quo [Read Order]
The appeal is disposed of with a direction to the Presiding Officer, DRT-II, Chennai to dispose the SA 321/2025 as expeditiously as possible
The Chennai bench of the Debt Recovery Appellate Tribunal (DRAT) in a recent order, has disposed of an appeal challenging the interim order with a direction of expeditious disposal of main application.
The appeal is filed by Mr. P. Jaffer Ali against Equitas Small Finance Bank , sought for condonation of a 25-day delay in complying with the second part of the conditional order passed by DRT-II, Chennai.
The main SA 321/2025 filed to set aside order passed by the Chief Judicial Magistrate, Thanjavur at Kumbakonam in Crl.M.P. No. 62/2025 under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act(SARFAESI Act),2002 which is still pending.
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The Tribunal, presided by Justice G.Chandrasekharan viewed that the appeal can be disposed of by giving a direction to the Presiding Officer, DRT -II, Chennai to dispose the SA 321/2025 as expeditiously as possible.
The appeal is disposed of with a direction to the Presiding Officer, DRT-II, Chennai to dispose the SA 321/2025 as expeditiously as possible. There shall be an order of Status Quo for a period of one month from today. It is for the Presiding Officer to decide on the continuation of the Status Quo order or discontinuation depending on the need and exigency.
The order points out the importance for procedural efficiency while maintaining the status quo on the subject property during the pendency of the main SA, ensuring neither party suffers prejudice due to delays.
R.K.M. Suresh appeared on behalf of the appellant and Mr. S. Suresh appeared on behalf of the respondent.
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