The Debt Recovery Appellate Tribunal granted an interim stay on further SARFAESI actions pending an urgent hearing on a pre-deposit order and waiver application.
Respondent to deposit Rs. 5 Lakhs with Registrar; interim stay on further SARFAESI measures till next hearing.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson Appeal On Diary No. 699/2022
Between
Sanjay Anant Kedare & Anr. … Appellant/s V/s.
Khushi Housing Finance Pvt. Ltd. … Respondent/s Mr V. N. Aji Kumar, Advocate for Appellants.
Ms. Dimple Tejani, i/b M/s. M & S Legal, Advocate for Respondent.
-: Order dated: 01/08/2022:-
The matter is taken up for hearing by way of Praecipe dated 01.08.2022 filed by Appellants for seeking urgent relief.
Heard learned counsel appearing for Appellants as also the learned counsel appearing for Respondent financial institution.
The learned counsel for Appellants submitted that possession is being taken over today, therefore, he has filed Praecipe for an urgent hearing. Notice was issued to the Respondent.
The learned counsel representing for Respondent seeks time for filing a reply. It is submitted that taking over of possession has been obstructed on the ground that this Appeal has been filed and the matter is being heard by this Tribunal.
However, it is submitted by both sides across the Bar that now a D.D. for a sum of Rs.5 Lakhs has been handed over by the Appellants to the Bank Officers who have visited the secured premises for the purpose of taking over possession, and because of the handing over of the above said D.D. to them, the process of taking over possession was not completed.
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In view of the above, I direct the Respondent to produce the above-referred sum of Rs.5 Lakhs before this Tribunal, in the form of a Demand Draft with the Registrar of this Tribunal, which amount would be considered as a pre-deposit made by the Appellants under the second proviso to Section 18 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 (the SARFAESI Act for short. The Appellants have filed an application for waiver of pre-deposit which is at Diary No. 701/2022. The same shall be taken on the file and numbered on curing the defects pointed out by the Registry. The Respondents have taken notice.
The amount deposited, shall be invested in the name of Registrar, DRAT, Mumbai, with any nationalized bank, initially for 13 months and thereafter it will be renewed periodically.
Liberty is granted to the Respondent to file a detailed reply mentioning the amount due from the Appellants as on the date of the filing of the appeal i.e. 01.08.2022
Post on 29.08.2022 for compliance/reply/hearing on the application for waiver of pre-deposit.
There shall be an interim stay of further Sarfaesi measures till the next date of hearing.
Sd/Chairperson
dpj-23
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1 issue framed by the court
Whether the appellants are required to make a pre-deposit to file an appeal before the DRAT.
1 provisions across 1 enactments
Sanjay Anant Kedare & Anr.
Khushi Housing Finance Pvt. Ltd.
Ashok Menon
As recorded by the court registry
7 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
