Sunanda P Gumgaonkar v. Housing Development Fiance Corporation

DRAT26 Apr 2022IA/98/2022

Case brief

AI extract

What is this about?

The tribunal reserved on an application for waiver of pre-deposit under Section 18(1) of the SARFAESI Act. Noting partial payment of 9 Lakhs, the tribunal directed the appellant to deposit 50% of the revised outstanding balance (3,26,716/-) in two installments to secure a stay on further possession proceedings, dismissing the appeal automatically upon default.

What the court decided

AI extract

Sunanda P Gumgaonkar versus Housing Development Fiance… — Banking and Recovery | DRAT (2022)

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

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I.A. No. 98/2022

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In Misc. Appeal No. 33/2022

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Between

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Smt. Sunanda Parashuram Gumgaonkar … Appellant/s V/s.

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Housing Development Finance Corporation …Respondent/s Ltd. & Ors.

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Mr. Arvind S. Moon, Advocate for Appellant.

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-: Order dated : 26/04/2022 :-

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This matter is taken on board by way of Praecipe dated 22.04.2022 filed by the Appellant seeking urgent circulation.

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This is an application filed for a waiver of pre-deposit u/s 18 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act).

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The Appellant is aggrieved by the impugned order of D.R.T., Nagpur, in M.A. No. 60/2021 dated 07.03.2022 wherein the stay was granted subject to deposit of certain amount in tranches. The Appellant allegedly paid Rs.9 Lakhs till date but the balance outstanding amount could be paid, therefore, the stay order is not in effect. Aggrieved by that order dated 07.03.2022 this Appeal is filed. The total amount due as per the notice issued u/s 13 (2) of the SARFAESI Act is Rs.1553432/- with further interest and the Appellant submits that he has already paid Rs.9 Lakhs to the Bank.

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The Bank has been served with notice but none appeared for the Bank.

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Accepting the Affidavit that is filed in support of the application for waiver of deposit, I have to presume that a sum of Rs.9 Lakhs has been paid and now that reduces the outstanding amount Rs.6,53,432/-. Hence Appellant is directed to deposit 50% of this amount which comes to Rs.3,26,716/- in two equal installments of Rs.1,63,358/- each. The first installment of Rs.1,63,358/- shall be deposited on or before 10.05.2022 and the second installment of Rs.1,63,358/- shall be deposited on or before 24.05.2022.

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In case the above amounts are deposited, the Appellant shall be entitled for stay of further proceedings initiated by the Bank for taking over the possession of the secured property. In case of default in any of the above referred deposits, the Appeal stands dismissed automatically.

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

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As and when the said amounts are deposited, it shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any nationalized bank, initially for a period of 13 months and thereafter it will be renewed periodically.

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Post on 11.05.2022 for reporting compliance with regard to payment of the first installment.

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dpj-38

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Sunanda P Gumgaonkar v. Housing Development Fiance Corporation

Case brief

What is this about?

What the court decided

Sunanda P Gumgaonkar v. Housing Development Fiance Corporation

Case brief

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What the court decided

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