The court disposed of an urgency application filed for waiver of pre-deposit in an appeal. It allowed the waiver, holding no deposit was needed as the bank had recovered more than the due amount via auction. It dismissed the request for expedite hearing.
Waiver of pre-deposit for maintaining the appeal allowed. Urgency and expedite applications dismissed.
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Appeal Dy. No. 567/2022 Date: 21.10.2022
Gauri Shankar Prasad Verma Vs. State Bank of India
Present: Shri S. Safdar Ali Kazmi, counsel for the appellant,
Heard the learned counsel for the appellant on the I.A. No. 508/2022 being urgency application. It is contended in the said application that the possession of the secured asset has already been taken by the respondent-bank and handed over to the auction purchaser. He further contended that the property was auctioned on 29.10.2020 for a sum of Rs. 20.55 lacs and the amount shown to be outstanding against the appellant was Rs. 10,11,563/- as per demand notice under section 13(2) of the SARFAESI Act dated 07.12.2013. As such more than the amount due has been recovered, hence no predeposit is required to be made by the appellant.
In view of the above, the waiver application is allowed as no pre-deposit is required to be made by the appellant for maintaining the appeal.
As per report of the Registrar, the matter is fixed for 14.11.2022.
Since there is no ground made out for the urgency, therefore, the expedite application stands dismissed.
List this case on the date already fixed i.e. 14.11.2022.
Justice R. D. Khare Chairperson
VN Giri
1 issue framed by the court
Whether a pre-deposit is required to be made by the appellant for maintaining the appeal when the secured asset has been auctioned and the recovery exceeds the outstanding amount?
Gauri Shankar Prasad Verma
State Bank of India
R. D. Khare
V. N. Giri
As recorded by the court registry
14 orders share this CNR
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