The Bench allowed the waiver application for no pre-deposit in an appeal under section 18 of the SARFAESI Act, as the auction proceeds exceeded the demanded dues.
Waiver application allowed; no pre-deposit required for maintaining the appeal.
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Appeal Dy. No. 651/2022 Date: 19.10.2022
Mahesh Sachdev Vs. India Bulls Housing Finance Ltd. & Ors.
Present: Shri Sidhharth Dubey, Advocate holding brief of Nikhil Mishra, counsel for the appellant, Shri Ramendra Pal Singh, Advocate holding brief of Shri V. K. Shukla, counsel for the respondent no. 1-F.I.
The report of the Registrar dated 10.10.2022 shows that the present appeal has been filed under section 18 of the SARFAESI Act against the final order dated 24.06.2022 passed by the DRT, Jabalpur in S.A. No. 138/2017. It is further reported that I.A. No. 455/2022 being waiver application, I.A. No. 362/2022 being stay application and I.A. No. 363/2022 being delay condonation application have been filed. It is also reported that as per auction sale notice dated 31.12.2015, the dues against the appellant was Rs. 2,65,83,829/-. In the waiver application, it is stated that the property of the appellant was auctioned for Rs. 2.70 crores, which is more than 100% of the demanded amount.
In view of the above, no pre-deposit is required to be made by the appellant for maintaining the appeal. Accordingly, the waiver application is allowed.
Issue notices to the remaining respondents on the stay and delay condonation applications by two modes i.e. Registered Post with A.D. and Speed Post. Steps to be taken by the appellant within a week. Affidavit of service along with tracking report be filed by the next date.
List this case on 27.01.2023 for service.
Justice R. D. Khare Chairperson
VN Giri
1 issue framed by the court
Whether a pre-deposit is required to maintain the appeal when the property auction proceeds exceed the due amount.
1 provisions across 1 enactments
Mahesh Sachdev
India Bulls Housing Finance Ltd. & Ors.
R. D. Khare
VN Giri
As recorded by the court registry
7 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
