The Debt Recovery Appellate Tribunal allowed the incumbent to advance hear a waiver application. It directed the appellant to deposit 25% of the sale notice amount toward the statutory reserve price to entertain the appeal against an interlocutory order.
Petitioner/Appellant directed to deposit Rs.60,63,791/- within two weeks for entertaining the appeal.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 280/2022 & IA 229/2022
In
AIR 203/2021
K.Murugesan V/S State Bank Of India
04/07/2022
Mr. K. Mohandas, Advocate filed Vakalat for Respond Bank.
This Application is filed by Petitioner/Appellant to advance hearing of Waiver Application from 12.07.2022.
Heard both sides.
Considering the reasons stated in the Affidavit filed in support of Petition, IA 280/2022 is allowed and case is advanced to today.
IA 280 /2022 (Advance hearing) is allowed.
Counter in IA 229/2022 is filed by Respondent Bank.
IA 229/2022 (waiver) is taken up for hearing.
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002.
Heard both sides and perused record.
Advocate for Petitioner/Appellant submitted that Appellant filed SA challenging E-Auction Sale Notice dated 02.09.2021, issued for recovery of Rs.2,42,55,166/-. He submitted that in SA, Interlocutory Application is filed seeking certain interim relief, for which Tribunal below directed the Petitioner/Appellant to deposit the reserve price fixed in Sale Notice, which is Rs.1.34 Crores, and questioning the same, present Appeal is filed. He submitted that as it is an Appeal against Interlocutory Order and as Appellant wants to settle the matter amicably, statutory deposit may be reduced to 25% of Sale Notice amount.
Advocate for Respondent Bank submitted that property is already sold for Rs.1.34 Crores, sale is confirmed and Sale Certificate is issued. He submitted that as far as the deposit of amount is concerned, it is discretion of Tribunal to reduce the amount but not less than 25%, and he has nothing to say.
Considering the submissions of both sides and considering the fact that Appeal is against an Interlocutory Order, Petitioner/Appellant is directed to deposit 25% of Sale Notice amount for entertaining the Appeal, which comes to Rs.60,63,791/-.
For the above reasons, Petitioner/Appellant shall deposit Rs.60,63,791/-, within a period of two weeks from today i.e., on or before 18.07.2022.
It is made clear that failure to deposit of above amount, on or before 18.07.2022, the Appeal shall stand automatically rejected. On making such deposit by Petitioner/Appellant, Registrar is to invest the same in a Nationalized Bank, from time to time till further orders are passed.
Post the case on 19.07.2022, for compliance of payment.
Sd/Chairperson
1 issue framed by the court
Whether the statutory deposit required for entertaining an appeal against an interlocutory order under the SARFAESI Act can be reduced to 25% of the sale notice amount.
K. Murugesan
State Bank Of India
Chairperson
As recorded by the court registry
26 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
