Authority: Supreme Court of India
Order Date: 03-09-2026
Case Overview
- Petition filed by S. Jayalakshmi against M/s Siva Industries and Holdings Limited concerning the recovery of dues arising from a property auction conducted by the Debt Recovery Tribunal (DRT), Chennai.
- The DRT had auctioned the property with a successful bid of Rs.420,00,00,000 (Rs.420 crore).
- The petitioner seeks direction on the payment status and enforcement of the outstanding amount.
Court Findings / Observations
- The Recovery Officer, DRT Chennai, communicated on 19 June 2026 and 24 July 2026 that the successful bidder had deposited 25% of the bid amount, i.e., Rs.105,00,00,000 (Rs.105 crore) on 23 July 2026.
- The balance of Rs.315,00,00,000 (Rs.315 crore) remains unpaid.
- A poundage fee calculated at 1% of the bid plus Rs.10 amounts to Rs.4,20,00,010 (Rs.4.20 crore and ten rupees).
- Consequently, the total outstanding amount payable by the successful bidder is Rs.319,20,00,010 (Rs.319 crore 20 lakh 10 rupees).
Final Outcome
- The matter is listed for further hearing on 21 September 2026.
- The Recovery Officer, Chennai, is directed to submit a fresh status report on the deposit of the balance amount by that date.
Topics: Auction Payment, Debt Recovery