Spectra Motors Limited v. Icici Bank Ltd.
Case brief
What is this about?
The Debt Recovery Appellate Tribunal at Mumbai heard an interim application regarding stay and waiver of deposit in a miscellaneous appeal against a bank recovery. The bench adjourned to hear the merits after the respondent's reply. Status quo was maintained till the next hearing. This order did not dispose of the appeal.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
Misc. Appeal No. 17/2022
Between
Spectra Motors Ltd. & Anr. … Appellant/s V/s. ICICI Bank Ltd. & Anr. …Respondent/s
Mr. Gaurang Kinkhabwala, i/b Ms. Sonali Jain, Advocate for Appellants.
Mr. Rishabh Shah, i/b M/s Vidhi Partners, Advocate for Respondent No. 1 Bank.
Mr. Umesh Shetty, Advocate for Respondent No. 2.
-: Order dated : 06/04/2022 :-
Ld. Counsels appearing for the Respondents have vehemently opposed the application for stay as well as application for waiver of deposit.
Application would be heard on its merit after reply is filed by Respondents. Reply shall contents the exact amount which is due to the Respondents after issuance of notice issued under Section 13 (2) of the SARFAESI Act.
Post on 19.04.2022 for hearing.
Issues for consideration
2 issues framed by the court
Whether stay and waiver of deposit in a recovery proceeding against a financial institution should be granted.
How much is the demand amount after notice issued under Section 13(2) of the SARFAESI Act.
Parties & counsel
- appellant
Spectra Motors Ltd & Anr
- respondent
ICICI Bank Ltd & Anr
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
3 orders share this CNR
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