The Single Bench disposed of an appeal under Section 18 of the SARFAESI Act. Waiving the pre-deposit requirement due to full recovery from asset auction, the court allowed the waiver application and issued process.
Waiver application for pre-deposit allowed; case listed for service.
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Appeal Dy. No. 524/2022 Date: 19.10.2022
Anil Kumar Gupta Vs. Bank of India & Ors.
Present: Shri K. Kartikeya, counsel for the appellant,
The report of the Registrar dated 12.10.2022 shows that the present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 22.07.2022 passed by the DRT, Allahabad in S.A. No. 312/2020. It is further reported that no pre-deposit has been made, but the waiver application being I.A. No. 242/2022 has been filed.
The said report also reveals that as per sale notice dated 17.06.2022, the amount due against the appellant was Rs. 27,67,898.34 plus interest as on 31.10.2019. As per the impugned judgment, the property of the appellant was auctioned for Rs. 95.00 lacs, which is more than 100% of the demanded amount.
In view of the above and the fact that more than 100% amount of the demand has been realized by the Bank, therefore, 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 respondents 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 25.01.2023 for service.
Justice R. D. Khare Chairperson
VN Giri
1 issue framed by the court
Whether a pre-deposit is required from the appellant given that 100% of the demanded amount has been realized by the auction of the secured asset.
1 provisions across 1 enactments
Anil Kumar Gupta
Bank of India & Ors.
R. D. Khare
VN Giri
As recorded by the court registry
5 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
