Cholamandalam Investment & Finance Company Limited Vs Olisa Reality Private Limited (DRAT Kolkata)
The appeal before Debt Recovery Appellate Tribunal, Kolkata arose from an interim order dated 24.12.2024 passed by Debts Recovery Tribunal-I, Kolkata, which restrained the secured creditor from taking further steps pursuant to an order of the Chief Judicial Magistrate under Section 14 of the SARFAESI Act, 2002. During the pendency of the appeal, the secured assets were noted to involve a large number of advocates’ chambers. In view of this, the Appellate Tribunal attempted to facilitate reconciliation and, by order dated 11.12.2025, nominated a senior advocate as mediator with consent of parties.
The mediator issued notices to the stakeholders; however, on the date of hearing, most respondents did not appear, indicating unwillingness to participate in mediation. Consequently, upon request of the appellant, the Tribunal held that the mediation effort had become infructuous and formally withdrew the order appointing the mediator.
The appellant clarified that the appeal was not being pressed on merits and was confined to seeking a direction for expeditious disposal of the pending securitization application before the Debts Recovery Tribunal. After hearing both sides, the Appellate Tribunal disposed of the appeal without examining the substantive issues. It directed Debts Recovery Tribunal-I, Kolkata to decide the pending securitization application as expeditiously as possible, preferably within ten weeks from the date a copy of the order is placed before it, and strictly in accordance with law.
