DrAT Mumbai allowedIA to permit appellants to make a pre-deposit of 44 lacs in four equal installments to continue hearing appeals against DRT orders, granting a stay on further SARFAESI measures incidentally upon the first installment.
Pre-deposit of 44 lacs directed; stay on SARFAESI measures granted upon deposit of the first installment.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
I.A. No. 350/2022 (WoD)
IN
Appeal on Diary No. 670/2022
Between
M/s. Natraj Sortexthrough its Proprietor Shri … Appellant/s Natwar S/o Vishnukumar Modi V/s. State Bank of India …Respondent/s
And
I.A. No. 351/2022(WoD) IN
Appeal on Diary No. 667/2022
Between
M/s. Shanti Rice Mill, through its Proprietor Shri … Appellant/s Ndash. Shri. Vishnukumar S/o RamvilasModi V/s. State Bank of India …Respondent/s And
IA No. 352/2022 (WoD) IN
Appeal on Diary No. 673/2022
Between
Shri. Vishnukumar S/o RambilasModi … Appellant/s V/s. State Bank of India …Respondent/s
Mr. Radhe Agrawal, Advocate for Appellant.
Mr. SaurabhUtangale, along with Mr. Shahzad M. Panday, i/b M/s. Utangale& Co., Advocate for Respondent.
1
-: Common Order dated: 26/08/2022:-
2
the Appellants is one good of the reasons for getting the mandatory amount reduced from 50%. Taking into the entire facts and circumstances of this case, I direct the Appellants to pay a sum of �44 lacs in four equal installments within a gap of two weeks each. The first instalment of �11 lacs shall be paid on or before 09.09.2022, the second installment of �11 lacs shall be paid on or before 23.09.2022, the third installment of �11 lacs shall be paid on or before 07.10.2022 and the fourth installment shall be paid on or before 21.10.2022. In case of default in payment of any of the abovereferred installments, the Appeals stand dismissed automatically.
Sd/-
Chairperson
mks- 2, 3 & 4
3
2 issues framed by the court
Whether appellants can avail relief by way of reduction of pre-deposit amount under the third proviso to Sec. 18(1) of the SARFAESI Act given their impecuniosity.
Whether appeals pending before the Debt Recovery Tribunal can be heard after making a partial pre-deposit.
2 provisions across 1 enactments
M/s. Natraj Sortexthrough its Proprietor Shri Natwar S/o Vishnukumar Modi
State Bank of India
M/s. Shanti Rice Mill, through its Proprietor Shri Vishnukumar S/o RamvilasModi
Shri Vishnukumar S/o RambilasModi
Ashok Menon
As recorded by the court registry
3 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
