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DEBT RECOVERY APPELLATE TRIBUNAL
Anil Kumar Srivastava, Chairperson
National Asset Reconstruction Company Limited – Appellant
Versus
SEW LSY Highways Limited – Respondent
| Table of Content |
|---|
| 1. appeals arising from a common order and substitution issues. (Para 1 , 2 , 3 , 4 , 10) |
| 2. objections regarding authority and assignments in debt recovery. (Para 5 , 6 , 18 , 19) |
| 3. validity of assignment and authority in accordance with sarfaesi act. (Para 7 , 8 , 9 , 12 , 14 , 26) |
| 4. concept of approbate and reprobate applied to appeals. (Para 20 , 21 , 22) |
| 5. setting aside direction for trust deed while expediting the case. (Para 27 , 29 , 30) |
JUDGMENT : 13th March, 2026
THE APPELLATE TRIBUNAL:
1.Since both these appeals have arisen against a common order dated 10.3.2025 passed by Learned DRT-II, Hyderabad in I.A. 1900 of 2024 arising out of O.A. 3824 of 2017 (Punjab National Bank -vs- SEW LSY Highways Limited) hence both the appeals are being disposed of by a common judgment.
2. O.A. 3824 of 2017 was filed by Punjab National Bank and 11 others against SEW LSY Highways Limited. Pending O.A., I.A. 1900 of 2024 is filed for substitution by the National Asset Reconstruction Company Limited (NARCL) represented by its Power of Attorney Holder, India Debt Resolution Company Limited (IDRCL) through its Vice President, Mr. Pankaj Agnihotri.
3. It was contended by NARCL that it
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