In an I.A. for a waiver of pre-deposit under Sec. 18(1) of the SARFAESI Act during a stay appeal, the Tribunal allowed the applicants to deposit 25% of the dues as a maximum indulgence, subject to strict installment deadlines.
Directing payment of ₹1.25 Crores in two installments to stay SARFAESI proceedings; automatic dismissal upon default.
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.421/2022 (WoD) In Misc. Appeal No. 34/2022
Between
Salem Rafiq Sarang & Anr. … Appellant/s V/s. India Resurgence ARC Pvt. Ltd. …Respondent/s
Mr Charles De’souza, i/b Mr Sahim Ansari, Advocate for Appellants.
Mr. Rajesh Nagori along with Mr. Nikhil Rajani and Mr. Rupak Sawangikar, i/b M/s. V. Deshpande & Co., Advocate for Respondent.
-: Order dated: 13/09/2022:-
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amount claimed in 13(2) notice minus the amount already paid by them cannot be readily accepted because as per the statement filed by the Respondent subsequent interest was also accrued and even after adjusting the amount which he had paid, the balance would be more than ₹6 Crores.
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Sd/Chairperson
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2 issues framed by the court
Whether the Appellants are entitled to a waiver of the pre-deposit requirement under Sec. 18(1) of the SARFAESI Act.
Whether the pre-deposit amount can be limited to 25% of the due amount after deducting payments already made.
1 provisions across 1 enactments
Salem Rafiq Sarang & Anr.
India Resurgence ARC Pvt. Ltd.
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
