Allahabad High Court
M/S ANNAPURNA GENERAL MERCHANT AND 2 OTHERSversusPRESIDING OFFICER DEBTS RECOVERY TRIBUNAL AND 3 OTHERS
- Decided
- Bench
- ROHIT RANJAN AGARWAL
Holding
The High Court directed the DRT to decide the stay application within two weeks and the securitization application within six months, without adjudicating the merits.
Summary
The petitioners, M/S Annapurna General Merchant and two others, sought a writ directing the Debts Recovery Tribunal (DRT) to promptly decide a stay application and the pending securitization proceedings against a borrower who defaulted on a bank loan. The High Court noted that the matter required swift resolution and ordered the DRT to decide the stay application within two weeks and to conclude the securitization application within six months of receiving the certified copy of the order. No merits of the underlying loan default or securitization were adjudicated. The court disposed of the writ petition with these procedural directions. It clarified that it had not passed any substantive judgment on the merits of the case.
Issues considered
- Whether the High Court can issue directions to the Debts Recovery Tribunal to decide a stay application and securitization proceedings within specified time frames.
Subjects
- writ petition
- stay application
- securitization
- Debts Recovery Tribunal
- procedural direction
- expeditious disposal
Judgment
HIGH COURT OF JUDICATURE AT ALLAHABAD
WRIT - C No. - 35859 of 2026
M/S Annapurna General Merchant And 2 Others
.....Petitioner(s)
Versus
Presiding Officer Debts Recovery Tribunal And 3
Others .....Respondent(s)
Counsel for Petitioner(s) : Pawan Kumar Rao, Ram Chandra
Yadav
Counsel for Respondent(s) : Krishna Mohan Asthana, Ramesh
Kumar Shukla
Court No. - 9
HON'BLE ROHIT RANJAN AGARWAL, J.
1. This is a petition on behalf of borrower. Borrower had defaulted the
repayment of loan taken by him from the respondent-bank. Thereafter,
securitization proceedings were initiated against him. Action of the bank has
been challenged through Securitization Application No.2612 of 2024 which
is pending consideration before Debts Recovery Tribunal, Allahabad. The
prayer made in the writ petition is for deciding the said stay application as
well as securitization application, expeditiously.
2. As no useful purpose would be served in keeping the matter pending, or
calling for counter affidavit, the writ petition is being disposed of with a
direction upon Debts Recovery Tribunal, Allahabad to consider and decide
the stay application within two weeks and thereafter proceed with
Securitization Application No.2612 of 2024 and decide the same within a
period of six months from the date of production of certified copy of this
order.
3. With the aforesaid direction, present writ petition stands disposed of.
4. It is made clear that this Court has not adjudicated the case on merit.
(Rohit Ranjan Agarwal,J.)
September 9, 2026
SK Goswami
Digitally signed by :-
SHIVAKANT GOSWAMI
High Court of Judicature at Allahabad
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