M/s Abhay Industries v. Canara Bank
Case brief
What is this about?
The Tribunal allowed an interim application for waiver of pre-deposit under Section 18 of the SARFAESI Act, recording objections to the sale. It directed a deposit for stay of proceedings while framing a schedule due dates for payment.
What did the court decide?
Waiver of pre-deposit u/s 18 SARFAESI Act; stay on further secured property proceedings upon payment of 50% amount in two tranches.
What the court decided
A compact analysis
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. 93/2022 (WoD)
In Misc. Appeal No. 30/2022
Between
M/s. Abhay Industries & Anr. … Appellant/s V/s. Authorized Officer, Canara Bank, Nashik …Respondent/s
Mr. Yogendra Kumar Advocate for Appellants.
Mr. Gajendra A. Rajput, Advocate for Respondent Bank.
-: Order dated : 27/04/2022 :-
This matter is taken on Board for hearing by way of Praecipe dated 22.04.2022.
This is an application for waiver of pre-deposit u/s 18 of the SARFAESI Act.
Heard the learned counsels for Appellants and Respondent.
The learned counsel for Respondent submits that the sale has already taken place and the Sale Certificate has been issued, hence the Appeal has become infructuous.
Issues for consideration
2 issues framed by the court
Whether the appeal regarding SARFAESI proceedings is infructuous due to the sale of asset.
Whether waiver of pre-deposit u/s 18 of SARFAESI Act can be granted pending adjudication of objections to the sale.
Parties & counsel
- appellant
M/s. Abhay Industries & Anr.
- respondent
Authorized Officer, Canara Bank, Nashik
Coram
Ashok Menon
Case details
As recorded by the court registry
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