ANIMESH MISHRA THROUGH POA ASHOK MISHRA AND ANRversusPUNJAB NATIONAL BANK AND ORS

                                                           40_WP_12753_26.doc



           IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                   CIVIL APPELLATE JURISDICTION
                 WRIT PETITION NO. 12753 OF 2026


Animesh Mishra,
Through POA holder Ashok Mishra and another …               Petitioners
            vs.
Punjab National Bank and others             …               Respondents

Mr. Ayush Kothari a/w. Mr. Vinod Kothari and Ms. Priya Singh, i/b. M/s.
Apex Law Partners for petitioners.
Ms. Savita Nangare, i/b. Law Focus for respondent No.1 – bank.
Ms. Manasi Pawar a/w. Mr. Mohit Shamdasani (through VC), i/b. Mr.
Rahul Motkari for respondent Nos.2 and 3 – auction purchasers.

                                  CORAM :      MANISH PITALE &
                                               SHREERAM V. SHIRSAT, JJ
                                  DATE     :   28th SEPTEMBER, 2026


P.C. :
.        Heard learned counsel for the parties.


2.       This is a fresh petition listed urgently today, as the Tahsildar,
Thane has issued notice dated 10.09.2026, fixing the date for taking
physical possession of the secured asset for today i.e. 28.09.2026 at
12:30 p.m.


3.       The learned counsel for the petitioners (borrowers) submits
that they have filed an appeal before the Debts Recovery Appellate
Tribunal (DRAT), to challenge an order dated 31.08.2026 (impugned
order) passed by the Debts Recovery Tribunal – II, Mumbai (DRT),
who is incharge of DRT – III, Mumbai. They have also filed two
applications viz. Interim Application No.557 of 2026 for seeking
waiver of pre-deposit and Interim Application (Diary) No.1694 of

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2026 for seeking stay of the aforesaid impugned order passed by the
DRT. The DRAT has fixed hearing on both the applications on
04.11.2026.


4.    It is submitted that the said date has been granted, despite a
praecipe moved before the DRAT on 21.09.2026, informing that as
per the aforesaid notice issued by Tahsildar, physical possession of
the secured asset is to be taken by respondent No.1 – bank (secured
creditor) today i.e. on 28.09.2026. It is submitted that if the said
exercise is completed, the application seeking stay would be
rendered infructuous.


5.    It is further brought to our notice that during the course of
miscellaneous appeal being filed before the DRAT in an earlier round,
as per an order dated 02.03.2023 passed by the DRAT, an amount of
₹ 60 lakhs was deposited towards pre-deposit in two installments i.e.
₹ 35 lakhs on 02.03.2023 and balance ₹ 25 lakhs on 17.03.2023.
The said amount of ₹ 60 lakhs constitutes more than 35% of the
outstanding dues, as claimed by respondent No.1 – bank and the
same is still lying in deposit with the DRAT.


6.    In such circumstances, it is submitted on behalf of the
petitioners that they at least have a right of being heard on their
applications for waiver of pre-deposit and for stay, before the exercise
of taking physical possession of the secured asset is undertaken by
respondent No.1 – bank. It is submitted that therefore, this Court
may consider granting appropriate relief to the petitioners.


7.    The learned counsel appearing for respondent No.1 – bank and
the learned counsel appearing for respondent Nos.2 and 3 – auction


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purchasers, have vehemently opposed the contentions raised on
behalf of the petitioners. It is submitted that a long period of 5 years
has gone by and the respondents are still struggling to take physical
possession of the secured asset. Huge amount is due from the
petitioners and that they have repeatedly defaulted. It is further
submitted that the DRT, by the said order, has dismissed the
securitisation application on merits and therefore, this Court may not
show any indulgence to the petitioners.


8.    We have considered the rival submissions. We find substance in
the contention raised on behalf of the petitioners that if the exercise
of taking physical possession of the secured asset is completed today
in the afternoon, as per the said notice, the application for stay filed
in the pending appeal before the DRAT, would be rendered
infructuous. We also find that the petitioners are pursuing the
application for waiver of pre-deposit, in the face of the admitted fact
that the petitioners have deposited the aforesaid amount of ₹ 60
lakhs in the context of the earlier miscellaneous appeal filed by the
petitioners, which is still lying in deposit with the DRAT.


9.    Hence, it would only be appropriate that an opportunity is
made available for the petitioners to argue their case for waiver of
pre-deposit and for stay, in accordance with law, before the actual
exercise of taking physical possession of the secured asset is
completed by respondent No.1 – bank, to handover the same to
respondent Nos.2 and 3 – auction purchasers.


10.   We are of the opinion that the petitioners can be granted an
opportunity of being heard in the said interim applications, which
are now said to be listed on 04.11.2026 before the DRAT. It would be


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appropriate that the applications are taken up at the earliest by the
DRAT.


11.     As all the respondents are represented by counsel, we are
inclined to dispose of the writ petition today itself, by issuing
appropriate directions that should not prejudice either party.


12.     In view of the above, the writ petition is disposed as follows:
(a) The DRAT is directed to take up Interim Application No.557 of
      2026 seeking waiver of pre-deposit and Interim Application
      (Diary) No.1694 of 2026 seeking stay of the impugned order,
      filed in the appeal filed by the petitioners i.e. Appeal (Diary)
      No.1605 of 2026, on 05.10.2026 in the urgent category;
(b) the said applications shall be heard and appropriate orders shall
      be passed by the DRAT on or before 14.10.2026;
(c) the DRAT shall consider the said applications on their own
      merits and the rights and contentions of the parties in that
      regard, are kept open;
(d) in the light of the aforesaid directions, the date for taking
      physical possession of the secured asset is fixed for 21.10.2026
      at 12:30 p.m., instead of today i.e. 28.09.2026;
(e) the Tahsildar, Thane, who issued notice dated 10.09.2026, shall
      be informed by respondent No.1 – bank about the aforesaid
      direction, so that necessary arrangements can be made for
      completing the exercise of taking physical possession of the
      secured asset on 21.10.2026;
(f)   it is made clear that the occasion to take physical possession of
      the secured asset on 21.10.2026 shall arise, subject to orders
      that may be passed by the DRAT on the applications for stay and
      for waiver of pre-deposit, moved by the petitioners in the


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                                   pending appeal;
                             (g) needless to say, the respondents shall not be prejudiced by the
                                   directions given hereinabove and the DRAT shall proceed strictly
                                   on merits and in accordance with law.


                             13.    It is made clear that this Court has not heard the case on
                             merits and no comment is being made on the merits and contentions
                             of either parties.


                             14.    Pending applications, if any, also stand disposed of.




                             (SHREERAM V. SHIRSAT, J.)                         (MANISH PITALE, J.)




          Digitally signed
          by PRIYA
PRIYA KAMBLI
KAMBLI Date:
       2026.09.28
          14:50:00 +0530




Priya Kambli




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