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Kerala High Court
Sahad P,S/O Abdulla vs The Authorised Officer on 19 February, 2026
OP (DRT) NO. 82 OF 2026
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2026:KER:15858
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
THURSDAY, THE 19TH DAY OF FEBRUARY 2026 / 30TH MAGHA, 1947
OP (DRT) NO. 82 OF 2026
AGAINST THE ORDER/JUDGMENT DATED IN IA 5362/2025 IN SA NO.66
OF 2025 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM
PETITIONER/S:
SAHAD P,S/O ABDULLA,
AGED 48 YEARS
PERUMBALATHU HOUSE, KUNDUTHODE,
ERANJIKODE,EDAVANNA,MALAPPURAM DISTRICT, PIN - 676541
BY ADVS.
SRI.V.PHILIP MATHEWS
SMT.SEBA ANNA SIMON
SMT.LAKSHMI S.
RESPONDENT/S:
1 THE AUTHORISED OFFICER,
CANARA BANK,ARM BRANCH, KOZHIKODE CIRCLE OFFICE,
KOZHIKODE, PIN - 673001
2 CANARA BANK,
EDAVANNA BRANCH,MALAPPURAM DISTRICT,REPRESENTED BY ITS
CHIEF MANAGER, PIN - 676541
3 RUBEENA THANSI K,
AGED 38 YEARS
W/O SAHAD P.,PERUMBALATHU HOUSE,KUNDUTHODE,
ERANJIKODE,EDAVANNA ,MALAPPURAM DISTRICT, PIN - 676541
OTHER PRESENT:
SRI. M. GOPIKRISHNAN NAMBIAR, SC, CANARA BANK
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION
ON 19.02.2026, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
OP (DRT) NO. 82 OF 2026
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BASANT BALAJI J
======================
OP (DRT) No. 82 of 2026
========================
Dated 19th day of February 2026
JUDGMENT
The petitioner had availed a loan from the respondent. Subsequently,
he committed default in repayment of the loan amount as per the agreed
terms. In view of the said default, the respondent Bank initiated recovery
proceedings against the secured asset under the provisions of the
Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002.
2. Thereafter, the petitioner approached the DRT and filed SA No.66
of 2025 and an interim order was passed by the DRT on 27.02.2025 directing
the respondents not to take physical possession of the secured asset until the
filing of the counter affidavit. Thereafter, the petitioner approached the bank
for availing the one time settlement facility. The respondent Bank granted the
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OTS facility as per Ext.P6, pursuant to which the petitioner remitted an
amount of Rs.30,00,000/- as upfront payment. The balance amount of
Rs.1,20,00,000/- was to be paid on or before 30.12.2025. The petitioner
thereafter sought permission before the Debts Recovery Tribunal to withdraw
the S.A., and accordingly, by order dated 05.12.2025, S.A. No. 66 of 2025 was
dismissed as withdrawn in order to enable the petitioner to avail the One Time
Settlement facility. However, the petitioner could not remit the balance
amount of Rs.1,20,00,000/- within the stipulated time. Consequently, the
petitioner submitted Ext.P10 representation seeking extension of time for
payment of the balance amount under the One Time Settlement scheme.
3. The learned counsel appearing for the respondent submits that the
request for extension has been considered and the One Time Settlement has
already been rejected.
4. Thereafter, the petitioner filed Ext.P9 (I.A. No. 5362 of 2025)
seeking recall of the order dated 05.12.2025 by which the S.A. was dismissed as
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withdrawn. In the meanwhile, the Advocate Commissioner has visited the
secured asset for the purpose of taking physical possession. In the above
circumstances, the petitioner seeks a direction for expeditious disposal of
Ext.P9, within a time frame.
5. The learned counsel for the respondents submits that, under the One
Time Settlement facility granted to the petitioner, the balance amount of
Rs.1,20,00,000/- was to be paid on or before 30.12.2025, which the petitioner
failed to honour. Consequently, the One Time Settlement stood withdrawn,
and the petitioner was duly informed of the said withdrawal as per Ext.P8.
According to the respondents, the total outstanding amount as on today is
Rs.2,22,46,326/-.
6. The petitioner submits that he intends to pursue Ext.P9, I.A. No.
5362 of 2025, before the Debts Recovery Tribunal.
In the above circumstances, physical possession of the secured asset shall
stand deferred for a period of three weeks, on condition that the petitioner
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remits an amount of Rs.20,00,000/- (Rupees Twenty Lakhs only) within a
period of two weeks from today. If the aforesaid amount is not remitted
within the stipulated period of two weeks, the respondent Bank shall be at
liberty to proceed with taking physical possession of the secured asset in
accordance with law.
Sd/-
BASANT BALAJI, JUDGE
RMV
OP (DRT) NO. 82 OF 2026
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APPENDIX OF OP (DRT) NO. 82 OF 2026
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF S.A. NO. 66 OF 2025 PRESENTED ON
28.01.2025 FILED BEFORE THE DEBTS RECOVERY
TRIBUNAL-I, ERNAKULAM
Exhibit P2 TRUE COPY OF IA.NO.717/25 IN SA.NO.66/2025
FOR AMENDMENT
Exhibit P3 TRUE COPY OF OF IA NO 718/25 FOR STAY
Exhibit P4 TRUE COPY OF THE WRITTEN STATEMENT FILED BY
THE RESPONDENTS PRESENTED ON 04.03.2025 IN
S.A. NO. 66 OF 2025
Exhibit P5 TRUE COPY OF THE ORDER DATED 27.02.2025
PASSED BY THE DEBTS RECOVERY TRIBUNAL-I,
Exhibit P6 TRUE COPY OF THE OTS SANCTION LETTER DATED
23.10.2025
Exhibit P7 TRUE COPY OF THE PROCEEDINGS DATED 05.12.2025
OF THE DEBTS RECOVERY TRIBUNAL-I, ERNAKULAM
IN S.A. NO. 66 OF 2025 DOWNLOADED FROM THE
DRT WEBSITE
Exhibit P8 TRUE COPY OF THE OTS CANCELLATION LETTER
DATED 01.01.2026 ISSUED BY THE RESPONDENT
BANK
Exhibit P9 TRUE COPY OF I.A 5362 OF 2025 RECALL
APPLICATION FILED BEFORE THE DEBTS RECOVERY
TRIBUNAL-I, ERNAKULAM DATED 26.12.2025
Exhibit P10 TRUE COPY OF THE REPRESENTATION DATED
10.01.2026 ALONG WITH THE EMAIL DATED
13.02.2026
Exhibit P11 TRUE COPY OF THE SALE NOTICE DATED 02.02.2026
ISSUED BY THE RESPONDENT BANK
