M/S Abhinav Furniture v. Sadhana Sahakari Bank Ltd.
Case brief
What is this about?
The tribunal directed the appellants to deposit ₹12,00,000 in two installments to entertain their appeal regarding SARFAESI measures. A stay on proceedings was granted upon payment.
What did the court decide?
Direction to pay ₹12,00,000 in two installments to enable the appeal and grant stay of proceedings.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 628/2022 (WoD) In Appeal on Dairy No. 1167/2022
Between
M/s. Abhinav Furniture & Anr. … Appellant/s V/s.
The Authorised Officer, Sadhana Sahakari Bank …Respondent/s Mr. Rajesh Thakkar, Advocate for Appellant.
D.N. Dani, Advocate for Respondent.
-: Order dated: 07/12/2022:-
The Appellants are the Applicants in S.A. No. 205/2018 on the files of D.R.T., Nagpur seeking a challenge to the SARFAESI measures initiated by the Respondent Bank.
- The Appellants had undertaken to deposit certain amounts before the D.R.T. The Appellants could not deposit the entire amount as a result of which no interim orders were granted to the Appellants.
- Hence, they are in appeal. To entertain the appeal, it is incumbent upon the Appellants to deposit the amount in accordance with the second proviso to Sec. 18 (1) of the SARFAESI Act. The Respondent Bank has appeared and filed a reply to the waiver application stating that as of date, there is an outstanding balance of ₹ 28,47,000/- due from the Appellants and therefore the Appellants
Issues for consideration
2 issues framed by the court
Whether the appellants were entitled to be granted time to deposit the requisite pre-deposit amount to entertain their appeal.
Whether the appellants satisfied the condition of depositing the required percentage of the outstanding dues to grant stay on further proceedings.
Parties & counsel
- appellant
M/s. Abhinav Furniture & Anr.
- respondent
The Authorised Officer, Sadhana Sahakari Bank
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
10 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court