Disposed

Sanjay Anant Kedare v. Khush Housing Finance Private Limited

DRAT1 Aug 2022IA/583/2022

Case brief

AI extract

What is this about?

The Tribunal directed the respondent Banking Company to deposit Rs. 5 Lakhs as pre-deposit in the Registry for the SARFAESI Act appeal filed by the appellants to seek stay on possession taking over. An interim stay was granted till the next hearing.

What did the court decide?

Deposit of Rs. 5 Lakhs by Respondent as pre-deposit and interim stay of further SARFAESI measures granted.

Sanjay Anant Kedare versus Khush Housing Finance Private… — Banking and Recovery | DRAT (2022)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson Appeal On Diary No. 699/2022

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Between

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Sanjay Anant Kedare & Anr. … Appellant/s V/s.

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Khushi Housing Finance Pvt. Ltd. … Respondent/s Mr V. N. Aji Kumar, Advocate for Appellants.

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Ms. Dimple Tejani, i/b M/s. M & S Legal, Advocate for Respondent.

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-: Order dated: 01/08/2022:-

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The matter is taken up for hearing by way of Praecipe dated 01.08.2022 filed by Appellants for seeking urgent relief.

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Heard learned counsel appearing for Appellants as also the learned counsel appearing for Respondent financial institution.

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The learned counsel for Appellants submitted that possession is being taken over today, therefore, he has filed Praecipe for an urgent hearing. Notice was issued to the Respondent.

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The learned counsel representing for Respondent seeks time for filing a reply. It is submitted that taking over of possession has been obstructed on the ground that this Appeal has been filed and the matter is being heard by this Tribunal.

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However, it is submitted by both sides across the Bar that now a D.D. for a sum of Rs.5 Lakhs has been handed over by the Appellants to the Bank Officers who have visited the secured premises for the purpose of taking over possession, and because of the handing over of the above said D.D. to them, the process of taking over possession was not completed.

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In view of the above, I direct the Respondent to produce the above-referred sum of Rs.5 Lakhs before this Tribunal, in the form of a Demand Draft with the Registrar of this Tribunal, which amount would be considered as a pre-deposit made by the Appellants under the second proviso to Section 18 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 (the SARFAESI Act for short. The Appellants have filed an application for waiver of pre-deposit which is at Diary No. 701/2022. The same shall be taken on the file and numbered on curing the defects pointed out by the Registry. The Respondents have taken notice.

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The amount deposited, shall be invested in the name of Registrar, DRAT, Mumbai, with any nationalized bank, initially for 13 months and thereafter it will be renewed periodically.

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Liberty is granted to the Respondent to file a detailed reply mentioning the amount due from the Appellants as on the date of the filing of the appeal i.e. 01.08.2022

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Post on 29.08.2022 for compliance/reply/hearing on the application for waiver of pre-deposit.

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There shall be an interim stay of further Sarfaesi measures till the next date of hearing.

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Sd/Chairperson

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dpj-23

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Sanjay Anant Kedare v. Khush Housing Finance Private Limited

Case brief

What is this about?

What did the court decide?

Sanjay Anant Kedare v. Khush Housing Finance Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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