Excel v. Union Bank of India
Case brief
What is this about?
An appellant sought total waiver of the statutory 50% pre-deposit to file an appeal against an interlocutory order under the SARFAESI Act. Despite a High Court judgment suggesting no deposit for such cases, the Tribunal relied on Supreme Court precedents holding Tribunals cannot grant full waiver. The Tribunal directed a 25% deposit instead.
What did the court decide?
Appellant directed to deposit 25% of the demanded debt amount (Rs. 5,79,42,892/-) to entertain the appeal; otherwise, appeal will be rejected.
IA-293/2022 in AIR (SA) 198/2022
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 29th of September, 2022
PRESENT: Hon’ble Mr. Justice S. Ravi Kumar CHAIRPERSON
IA-293/2022
in
AIR (SA) 198/2022
[IA 1945/2022 in SA 490/2022 on the file of DRT, Coimbatore)
Between
M/s. Excel, A Partnership Firm, Rep. by its Managing Partner, K. Natarajan, S.F. No.8/630, Arulpuram, Palladam Road, Tirupur 641 605.
……Petitioner/Appellant
And
Issues for consideration
2 issues framed by the court
Whether Debts Recovery Appellate Tribunal has power to grant total waiver of pre-deposit for entertaining an appeal against an interlocutory order under SARFAESI Act.
Whether the mandatory pre-deposit requirement under Section 18(1) of SARFAESI Act, 2002 applies to appeals against interlocutory orders.
Parties & counsel
- appellant
M/s. Excel, A Partnership Firm
- respondent
The Authorised Officer, Union Bank of India
Coram
S. Ravi Kumar
Case details
As recorded by the court registry
All orders in this case
9 orders share this CNR
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