Appellant DrAT Mumbai granted ad-interim stay on property possession and Sarfaesi measures pending waiver deposit application accepting 1Cr deposit demand 2.39Cr
Ad-interim order of stay on handing over property to auction purchaser and further Sarfaesi measures granted; ₹1.00 Crore deposit accepted.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 460/2022 WoD) In Appeal on Diary No.909/2022
Between
M/s. Dharmanandan Textiles & Ors. … Appellant/s
V/s.
Authorized Officer, Indiabulls Housing Finance …Respondent/s Ltd.
Mr Rajesh Nagori, i/b Mr Dhrumit D. Chauhan, Advocate for Appellants.
Mr Divyanshu Gupta, i/b M/s. Parinam Law, Advocate for Respondent.
-: Order dated: 23/09/2022:-
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deposit. The Demand made as per Notice under Sec. 13(2) is ₹ 2.39 Crores. Since the Appellant is offering to deposit a sum of ₹1.00 Crore affront and further submits that ₹62 Lakhs has already been paid consequent to the demand notice, an ad-interim order of stay is granted with regards to further Sarfaesi measures and handing over the property to the auction purchaser till the application for waiver of the deposit is heard on merits, is justified.
The reply, if any, shall be filed within three weeks.
The demand draft for an amount of ₹1.00 Crore shall be accepted by the Registry, and invested in the name of the Registrar, DRAT, Mumbai with a nationalised bank, initially for a period of 13 months and thereafter be renewed periodically.
Post on 01.11.2022 for hearing on I.A. No. 460/2022 i.e. waiver of deposit.
Sd/Chairperson
mks-7
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3 issues framed by the court
Whether an ad-interim order of stay on possession and further enforcement measures is justified while the application for waiver of pre-deposit under Section 18(1) of SARFAESI Act is pending.
Whether the deposit of ₹1.00 Crore satisfies the pre-deposit requirement under the proviso to Section 18(1) of the SARFAESI Act.
Whether the waiver of deposit application opposes the immediate grant of stay against auction purchaser.
2 provisions across 1 enactments
M/s. Dharmanandan Textiles & Ors.
Authorized Officer, Indiabulls Housing Finance Ltd.
Ashok Menon
As recorded by the court registry
10 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
