In an interim application, the Tribunal disposed of a plea for waiver of deposit under section 18(1) of SARFAESI Act. It directed the respondent to deposit Rs. 5 lakhs and remanded the main appeal for hearing after reply.
Directed respondent to deposit Rs. 5 lakhs; main appeal remanded for hearing after reply.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 383/2022 (WoD) In
Appeal on Diary No. 699/2022
Between
Sanjay Anant Kedare & Anr. … Appellant/s
V/s.
Khush Housing Finance Pvt. Ltd. …Respondent/s
Mr V. N. Ajikumar, i.b M/s. VNA Legal, Advocate for Appellant.
Mr Rishabh Shah along with Mr Sanjay Anabhawane, i/b M/s. M & S Legal Ventures, Advocate for the Respondent.
-: Order dated: 19/10/2022:-
application for a stay of the Sarfaesi measures till the disposal of the S.A. The Learned Presiding Officer in the impugned order observed that the relief under section 31(j) cannot be entertained at the interlocutory stage since it is something to be decided in the Securitisation Application. Regarding the relief sought in IA 1749 of 2022, the Learned Presiding Officer observed that an identical relief sought in IA No. 18 of 2022 was declined to vide order dated 15/03/2022 and, therefore, there is no prima facie case and hence no interim relief was granted. The Appellants are aggrieved and hence an appeal.
that the amount paid to the bank or financial institution cannot be taken as a deposit under section 18 (1). The application was taken for hearing on the date the financial institution was intending to take possession of the secured assets and that is the reason why the demand draft was directed to be produced before the Tribunal.
Sd/Chairperson
mks-01
2 issues framed by the court
Whether a deposit of Rs. 5 lakhs is sufficient under the third proviso to section 18(1) of the SARFAESI Act.
Whether an interim order of stay on SARFAESI measures should be granted to enable redemption of mortgage.
2 provisions across 1 enactments
Sanjay Anant Kedare & Anr.
Khush Housing Finance Pvt. Ltd.
Ashok Menon
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
