The Debts Recovery Appellate Tribunal allowed an application for waiver of pre-deposit under Section 18(1) of the SARFAESI Act after reducing the mandatory 50% deposit to Rs.12 Lakhs payable in two installments.
Appellants directed to deposit Rs.12 Lakhs within a month in two equal installments to secure stay on handing over possession.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 313/2022 (WoD)
In Appeal on Diary No. 627/2022
Between
Shri. Lokesh Janardhan Waghmare & Anr. … Appellant/s V/s.
The Authorized Officer, Union Bank of India …Respondent/s & Anr.
Mr Radhe Agarwal, i/b M/s. RAD Law Associates, Advocate for Appellants.
Mr Nainesh Amin, Advocate for Respondent Bank.
-: Order dated : 27/07/2022:-
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been deposited by the auction purchaser, therefore, the Appellants are not entitled to any indulgence from this Tribunal.
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Sd/Chairperson
dpj-2
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2 issues framed by the court
Whether the Appellants shall be granted any indulgence on the mandatory pre-deposit requirement under Section 18(1) of the SARFAESI Act.
Whether the stay on handing over possession can be lifted in view of the sale confirmation and deposit of sale consideration.
1 provisions across 1 enactments
Shri. Lokesh Janardhan Waghmare & Anr.
The Authorized Officer, Union Bank of India
Ashok Menon
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
