Abdul Rahim Shaikh and Anr. v. Asset Reconstruction Co. Ltd. and Ors.
SARFAESI – Section 18(1) – pre-deposit of 30% for entertainment of appeal
Case brief
What is this about?
Bombay High Court writ petition (W.P. No. 12509 of 2025, decided 26.09.2025, Chagla & Dubash JJ.) concerning SARFAESI Act, 2002 Section 18(1) 30% pre-deposit condition imposed by DRAT Chennai; interim deferral of physical possession of secured residential flat; installments of Rs. 15,72,935/- each; asset reconstruction company; possession without notice on default; petition disposed on undertakings.
What did the court decide?
Physical possession of the secured asset/residential flat by Respondent No. 1, scheduled for 26th September 2025, deferred till 29th September 2025 beyond 3.00 pm, conditioned on the Petitioners depositing Rs. 15,72,935/- on 29th September 2025 by 3.00 p.m. and the balance Rs. 15,72,935/- on or before 23rd October 2025; failure to deposit the first installment entitles Respondent No. 1 to take physical possession without notice; petition disposed of, no order as to costs.