JUDGMENT : 14th January, 2026

THE APPELLATE TRIBUNAL :

Instant Appeal has arisen against an order dated 20th February 2024 passed by Learned DRT- II Hyderabad allowing the S.A. No. 416 of 2019 (M/s. Apsara Constructions and others versus Canara Bank and others).

2. As per pleadings of the parties, Respondent No. 1, 2 and 3 namely M/s Apsara Constructions represented by its partner Vemula Anand Kumar, V Anand Kumar and S. Venkatesh Goud preferred a Securitisation Application under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ‘Act’) stating that a loan of Rs.1.75 crore was availed by them on 10.10.2013 from the Canara Bank. Security Agreement in respect of secured assets was entered upon between the parties. Securitisation Applicants also stood as guarantors. The loan account became irregular and was classified as NPA. Demand Notice under Section 13(2) of the SARFAESI Act, 2002 was issued which was responded on 13.07.2015. But the same was not accepted by the Bank. Notice under Section 13(4) of the Act was issued on 19.10.2015 which was neither published nor affixed on the secured a