RAMACHANDRA Vs. TUMKUR GRAIN MERCHANTS CO-OP BANK

JUDGEMENT

(1.) Heard the learned counsel for both the parties.

(2.) This writ petition is directed against the order passed by the Debt Recovery Tribunal (hereinafter referred to as 'the DRT' for short) dtd. 29/9/2025, with the following relief:

(3.) The contentions of the petitioners are that the petitioners have obtained loan of Rs.1,25,00,000.00 from respondent by mortgaging their properties. Due to various reasons, they were unable to repay it. Respondent proceeded to sell the mortgaged property and issued E-sale notice dtd. 4/9/2025 without following due procedure. Hence, petitioners filed petition before DRT under Sec. 7 of Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The DRT had directed the petitioners to deposit Rs.1,00,00,000.00 with the respondent on or before 9/10/2025 at 12:00 p.m. and on that condition, stayed further proceedings initiated by the respondent against the petitioners in respect of the schedule property. The petitioners are unable to pay the said amount within a short period of time given by the DRT and it is submitted that, today he will deposit Rs.25.00 lakhs with the respondent and for deposit of remaining amount, he requires some time and he will deposit the same in two installments. The order passed by the DRT directing the petitioners to deposit Rs.1,00,00,000.00 at a time is illegal and erroneous. Therefore, he prayed to set aside the same.