M/ S Maa Vaishno Bartan Udyog v. Divya Singn and Ors.
Case brief
What is this about?
The Registrar listed an appeal filed under Section 18 of the SARFAESI Act. The appellant sought removal of the defect regarding non-payment of pre-deposit, arguing the SARFAESI Act was inapplicable after the recovery certificate was issued by the District Magistrate. The Registrar disagreed with the contention and scheduled the case for admission before the Hon'ble Chairperson.
What the court decided
A compact analysis
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Appeal Dy. No. 146/2022
04.05.2022
(M/s Maa Vaishno Bartan Udyog Vs. Punjab National Bank)
Shri Ashok Dubey, Ld. Counsel for the appellant is present and seeks time for removal of defects. Ld. Counsel files Dates and Events.
No pre-deposit has been made. No Waiver Application has been filed.
Ld. Counsel has filed an objection towards defect regarding pre-deposit that the proceeding itself is without jurisdiction under the SARFAESI Act as the recovery certificate has already been issued by the Distract Magistrate, hence, SARFAESI proceedings is not applicable and the condition of predeposit which comes under the SARFAESI Act is not applicable in present case. Ld. Counsel has requested for removal of defect regarding pre-deposit. The undersigned is not agree with the submissions/request of the Ld. Counsel.
Ld. Counsel prays to place the case before Hon’ble Court and that he will argue the issue of pre-deposit before Hon’ble Court.
This Appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 23.03.2022 in S.A No. 450/2021 of DRT, Allahabad.
List this case on 20.05.2022 before Hon’ble Chairperson for admission
Issues for consideration
2 issues framed by the court
Whether a pre-deposit is a condition precedent for filing this appeal under Section 18 of the SARFAESI Act considering the recovery certificate has already been issued.
Whether SARFAESI proceedings remain applicable post-issuance of recovery certificate by the District Magistrate.
Parties & counsel
- appellant
M/s Maa Vaishno Bartan Udyog
- respondent
Punjab National Bank
Coram
Registrar
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090001462022
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
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