Partly allowed

M/s. Yuvraj Infrastructure v. Icici Bank Limited

DRAT21 Dec 2022IA/651/2022

Case brief

AI extract

What is this about?

The Tribunal granted a one-week time to the appellants to deposit Rs. 3.61 crores as pre-deposit under Section 18 of the SARFAESI Act. Ad-interim stay was granted on further SARFAESI measures upon deposit.

What did the court decide?

Time granted to deposit Rs. 3.61 crores as pre-deposit within a week. Ad-interim stay on further SARFAESI measures including sale confirmation upon deposit.

M/s. Yuvraj Infrastructure versus Icici Bank Limited — Banking and Recovery | DRAT (2022)

¶1

BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson

¶2

I.A. No. 651/2022 (WoD) In Appeal on Diary No. 1391/2022

¶3

Between

¶4

M/s Yuvraj Infrastructure & Anr. … Appellant/s V/s. ICICI Bank Ltd. …Respondent/s

¶5

Mr Umesh Shetty, i/b Mr Jamshed Ansari, Advocate for Appellants.

¶6

Mr Arif Ansari, i/b M/s H & M Legal, Advocate for Respondent.

¶7

-: Order dated: 21/12/2022:-

¶8

The application for waiver of deposit came up for hearing today on praecipe filed by the learned counsel for the Appellants for urgent hearing.

¶9

The Respondent Bank appears, and the learned counsel submits that he has not received a copy of the application and the memorandum of appeal as they have been served on the Bank directly and are yet to be communicated to him and so, he is not in a position to submit anything regarding the merits of the case.

¶10

From the records that are available, it is seen that a sale notice was published for the sale to take place on 15.12.2022 and the learned counsel appearing for the Appellants submits that the sale has already taken place on that date. The amount due as of 19.11.2022 is ₹4,37,67,812/- and subsequent interest may also be due for a couple of days.

¶11

¶12

The learned counsel appearing for the Respondent on instruction submits that the sale has already been confirmed but the sale certificate is yet to be issued.

¶13

The learned counsel for the Appellant submits that he is willing to deposit a sum of ₹3.61 crores as pre-deposit required to be paid under the second proviso to Sec. 18 of the SARFAESI Act within a week, on or before 28.12.2022. The Appellants are, therefore, granted a week's time to deposit the aforesaid amount and the Respondent is also given the liberty to file a reply within the said period.

¶14

The amount shall be deposited in the form of a Demand Draft with the Registrar of this Tribunal.

¶15

As and when the said amount is deposited, it shall be invested in a term deposit in the name of Registrar, DRAT, Mumbai, with any nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

¶16

There is also an application for an ad-interim stay filed by the Appellant. On deposit of the amount, as undertaken, there shall be an ad-interim stay with regard to further Sarfaesi measures including the confirmation of the sale/ issuance of the sale certificate.

¶17

Post the application for waiver of the deposit for further hearing and for reporting compliance on 29.12.2022.

¶18

mks-14

¶19

M/s. Yuvraj Infrastructure v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

M/s. Yuvraj Infrastructure v. Icici Bank 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

Coram

Case details

All orders in this case

Similar cases

Shree Tube Manufacturing Co. Pvt. Ltd. versus Central Bank of India and Anr.

Bank of Baroda & Anr. versus M/s Gujarat Agro

Bank of Baroda versus M/s Shashikant & Co.

M/s. Abhay Industries and Anr. versus The Authorised Officer, Canara Bank

Sanjay Anant Kedare versus Khush Housing Finance Private Limited

Catalyst Trsuteeship Limited versus Sam Family Trust