Allowed
S Saravana Kumar v. Icici Bank Limited
DRATMISC APPEAL/1/2023
Case brief
AI extract
What is this about?
The Tribunal allowed the appellant's application to reduce the statutory deposit from 50% to 25% under Section 18 of the SARFAESI Act. The calculation considered the amount demanded in the Section 13(2) notice less the subsequent payments made by the appellant, resulting in a required deposit of Rs. 44,66,805/-.
What did the court decide?
Appellant directed to pay a statutory deposit of Rs. 44,66,805/- within 15 days. Registrar to invest the amount in a nationalized bank.