BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Justice Vivek Bharti Sharma, Chairperson I.A. No. 527/2025 (WoD)

In Misc. Appeal Dy. No. 2108/2023 Between M/s. Saptashringi Metal Industries & Ors. … Appellant/s V/s.

Indiabulls Assets Reconstruction Company Ltd. …Respondent/s Mr. Vivek V. Phadke, Advocate for Appellants.

-: Order dated: 02/03/2026:

1. Mr. Vivek Phadke, Advocate for the Appellants, is present along with the Appellants/Borrowers in person.

2. Despite repeated calls, there is no representation for the Respondent.

3. The Affidavit of Service has been filed. However, none appears on behalf of the Respondent.

4. Heard the Appellants on the waiver application.

5. Learned Counsel for the Appellants/Borrowers submits that on 15.06.2023, the Learned DRT-III, Mumbai, heard the Securitisation Application filed by the Appellants/Borrowers. During the said hearing, the Appellants/Borrowers submitted that, as per their calculation, they were liable to pay only ₹65 lakhs towards the outstanding loan, whereas the Respondent Financial Institution submitted in the DRT-III, Mumbai, that a sum of ₹1,53,28,866/- was outstanding against the Appellants/Borrowers. He further submi