Vilas Gandhe Appeal Revived, Rs5 Cr Deposit

Authority: High Court of Judicature at Bombay

Order Date: 13 October 2026

Case Overview

• Petitioner: Vilas Vasant Gandhe, original borrower.
• Respondents: Encore Assets Reconstruction Pvt. Ltd., through its Authorized Officer, and an additional respondent (auction purchaser).
• The petitioner challenged a DRAT order dated 21 September 2026 that dismissed his appeal on the ground of delay.
• The appeal had previously been allowed to proceed after the DRAT condoned a 34‑day delay on 18 February 2025.
• An interim order dated 1 May 2025 (as recorded) restrained the auction purchaser from creating third‑party rights on the secured asset.
• The petitioner deposited Rs 5 crore as mandatory pre‑deposit under the SARFAESI Act for the appeal.

Final Outcome

• The High Court set aside the DRAT order of 21 September 2026, reviving Regular Appeal No. 15 of 2025.
• The interim order restraining the auction purchaser is reinstated.
• The DRAT is directed to hear and dispose of the appeal expeditiously, no later than 15 December 2026.

Topics: Debt Recovery; Insolvency