Authority: High Court of Judicature at Bombay, Civil Appellate Jurisdiction

Order Date: 07 October 2026

Case Overview

  • Parties: Applicants/Nimish Kishor Thakkar and others (borrowers) vs. Cholamandalam Investment and Finance Co. Ltd (petitioner, secured creditor) and State of Maharashtra and others (respondents).
  • Earlier order dated 11 September 2026 deferred physical possession of the subject property, subject to the borrowers depositing ₹1 crore.
  • The applicants/borrowers have now deposited the required ₹1 crore to the petitioner, the secured creditor.
  • An auction of the subject property scheduled for 15 September 2026 did not attract any bidders, as confirmed by the petitioner’s counsel.
  • The borrowers have a pending Securitisation Application No. 77 of 2025 before the Debts Recovery Tribunal – I, Mumbai (DRT).

Court Directions

1. The interim application is disposed of with directions to both the applicants and the DRT.

2. The protection of deferring the exercise of taking physical possession of the subject property shall continue to operate for a period of two weeks from the date of this order (i.e., until 21 October 2026).

3. During this two‑week period, the applicants/borrowers are at liberty to move a fresh interim application in the pending securitisation matter before the DRT, seeking any interim reliefs they deem appropriate.

4. The DRT is directed to take up any such application filed within the two‑week window and to pass appropriate interim/interim orders.

5. An advance copy of any such application must be served upon the petitioner – the secured creditor, who shall be entitled to oppose the prayers made in the interim application in accordance with law.

6. The DRT must consider any such application strictly in accordance with law and without being influenced by the order passed in the writ petition or this interim application.

Final Outcome

  • The deferment of physical possession remains in effect for two weeks from 7 October 2026.
  • Borrowers may file a fresh interim application in the pending securitisation case within this period.
  • The DRT is mandated to adjudicate any such application independently, serve the secured creditor, and render orders without reference to the present writ petition.

Topics: Court Order, Debt Recovery, Insolvency