-3. While exercising the jurisdiction of this Court under Article 226 of the Constitution, the Court must be guided by the discipline of legislation enacted by the Parliament. Under the proviso to sub-section (1) of Section 18 of the Securitization Act, no appeal can be entertained by the Appellate Tribunal unless the borrower has deposited fifty per cent of the amount of debt due from him, as claimed by the secured creditor or determined by the Debts Recovery Tribunal whichever is less. The Appellate Tribunal is empowered, for reasons to be recorded in writing, to reduce the amount to not less than twenty-five per cent of the debt referred to in the second proviso. Having regard to the judgment of the Supreme Court in Narayan Chandra Ghosh vs. Uco Bank,1 the Appellate Tribunal can, at the highest, for reasons to be recorded, reduce the amount of deposit of fifty per cent to an amount not less than twenty-five per cent of the debt referred to in the second proviso to sub-section (1) of Section 18. There is an absolute bar to the entertainment of the appeal under Section 18 unless the condition precedent as stipulated is fulfilled.
