Excel Vinyl Coatings Pvt. Ltd. v. Union Bank of India
Case brief
What is this about?
The Appellate Tribunal reduced the required statutory deposit from 50% to 25% under SARFAESI Act. The appellant must deposit Rs.67,30,240 to entertain the appeal against the Union Bank of India.
What did the court decide?
Directed appellant to deposit 25% of claimed amount (Rs.67,30,240) by 13.10.2022 to entertain appeal.
What the court decided
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
A.IR:194/2022
Excel Vinyl Coatings Pvt Ltd V/S A.O.,Union Bank Of India
29/09/2022
Order pronounced (vide separate Order) in open court.
As Appeal is against Interim Order, by exercising power to reduce statutory deposit from 50% to 25%, I direct Petitioner/Appellant to deposit 25% of amount claimed by Authorized Officer of Respondent Bank in Demand Notice issued under Section 13(2) of SARFAESI Act, 2002, for entertaining the Appeal.
According to Demand Notice dated 20.11.2018 issued under Section 13(2) of SARFAESI Act, 2002, amount claimed by Authorized Officer of Respondent Bank is Rs.2,69,20,959.21p. Petitioner/Appellant shall deposit 25% of Rs.2,69,20,959.21p, which comes to Rs.67,30,240/, on or before 13.10.2022, failing which, the Appeal shall stand rejected.
Post the case on 14.10.2022, for compliance of payment.
Sd/Chairperson
Issues for consideration
1 issue framed by the court
Whether to exercise power to reduce statutory deposit from 50% to 25% for entertaining the appeal against an interim order?
Parties & counsel
- appellant
Excel Vinyl Coatings Pvt Ltd
- respondent
A.O., Union Bank Of India
Case details
As recorded by the court registry
All orders in this case
9 orders share this CNR
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