Authority: High Court of Judicature at Bombay (Civil Appellate Jurisdiction)

Order Date: 28 September 2026

Case Overview

  • Petitioners: Animesh Mishra, through POA holder Ashok Mishra and another individual, represented by Mr. Ayush Kothari, Mr. Vinod Kothari and Ms. Priya Singh of Apex Law Partners.
  • Respondents: Punjab National Bank (respondent No.1 – secured creditor) represented by Ms. Savita Nangare of Law Focus; Respondent Nos.2 and 3 – auction purchasers, represented by Ms. Manasi Pawar and Mr. Mohit Shamdasani (through VC) for Mr. Rahul Motkari.
  • Coram: Hon’ble Judges Manish Pitale & Shreeram V. Shirsat.
  • A notice dated 10.09.2026 issued by the Tahsildar, Thane, fixed the physical possession of the secured asset for 28.09.2026 at 12:30 p.m.
  • Petitioners have filed an appeal before the Debts Recovery Appellate Tribunal (DRAT) challenging an order dated 31.08.2026 passed by the Debts Recovery Tribunal – II, Mumbai (DRT). Two interim applications are pending before DRAT: Interim Application No.557 of 2026 (waiver of pre‑deposit) and Interim Application (Diary) No.1694 of 2026 (stay of the impugned DRT order). DRAT hearing for these applications is scheduled for 04.11.2026.
  • Petitioners previously deposited a pre‑deposit of ₹60 lakhs in two installments – ₹35 lakhs on 02.03.2023 and ₹25 lakhs on 17.03.2023 – amounting to more than 35 % of the outstanding dues claimed by the bank; the amount remains with DRAT.
  • Respondents argue that five years have elapsed, the petitioners have repeatedly defaulted, and the DRT dismissed the securitisation application on merits, urging the Court not to indulge the petitioners.

Final Outcome

  • The Court directs the DRAT to take up Interim Application No.557 of 2026 (waiver of pre‑deposit) and Interim Application (Diary) No.1694 of 2026 (stay) on 05.10.2026 in the urgent category.
  • The DRAT must hear and pass appropriate orders on or before 14.10.2026, considering the applications on their merits.
  • The date for taking physical possession of the secured asset is postponed to 21.10.2026 at 12:30 p.m., superseding the earlier date of 28.09.2026.
  • Respondent No.1 – Punjab National Bank must inform the Tahsildar, Thane, of this new date so necessary arrangements can be made.
  • The possession on 21.10.2026 is expressly made subject to any orders the DRAT may pass on the stay and waiver applications.
  • The Court clarifies that the directions are interim; it has not heard the matter on merits and no comment is made on the substantive contentions of either party.
  • All pending applications, if any, are deemed disposed of.

Topics: Debt Recovery, Asset Possession