Partly allowed

M/s Anjani Catering Services, through Its Partner Smt. Seema W/o Ujwal Thorat v. Jijau Commercial Co. Operative Bank Ltd.

DRAT29 Mar 2022MISC APPEAL/27/2021

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal considered an interim application by the Applicant for a waiver of the statutory deposit under the SARFAESI Act. Finding justification in the submissions regarding the Applicant’s financial constraints, the Court reduced the required deposit from 50% to 25% of the claim.

What did the court decide?

Applicant directed to deposit Rs. 7,61,282/- (25% of claim) in two equal installments of Rs.3,80,641/- each by 09.05.2022 to secure interim stay.

M/s Anjani Catering Services, through Its Partner Smt. Seema… — Company and Corporate | DRAT (2022)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson

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I.A. No. 79/2021

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In Misc. Appeal No. 27/2021

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Between

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M/s. Anjani Cattering Services & Ors. … Applicant/s V/s. Jijau Commercial Co-operative Bank Ltd. …Respondent/s

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This I.A. coming up for hearing before me in the presence of Mr. Radhe R. Agarwal, Advocate for Applicants.

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There is no representation for Respondent Bank.

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-: Order dated : 29/03/2022 :-

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Heard the ld. counsel for Applicant on the application for seeking of waiver of statutory deposit u/s 18 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act).

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The learned Counsel for the Applicants submits the amount still outstanding to be paid is Rs.30,45,129/- as per the Respondents after releasing major portion. The sale of the some property belonging to the Appellant has taken place and the sale will be confirmed. 50% of the amount due would come to Rs.15,22,564/-.

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The learned counsel for the Applicants submits that he is not in a position to pay the amount as his business is of providing catering services and due to COVID pandemic situation they were idle and have financial constrains. Hence asking them to pay 50%

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would be too much. It is submitted that Applicants have a good case for themselves in this Appeal and, therefore, seeks indulgence of this Tribunal to reduce the amount of pre-deposit from 50% to 25% of the claim which would come to Rs.7,61,282/-. I find justification in the submissions made.

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In view of above, Applicant is directed to deposit Rs.7,61,282/- in two equal installments. First installment of Rs.3,80,641/- shall be deposited on or before 08.04.2022 and the second installment of Rs.3,80,641/- shall be deposited on or before 09.05.2022.

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The above amount shall be deposited in the form of Demand Draft with the Registrar of this Tribunal. Failure to deposit above referred amount on time would entail in automatic dismissal of Appeal.

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As and when the said amounts are deposited, it shall be invested in term deposit in the name of Registrar, DRAT, Mumbai, with any nationalized bank, initially for a period of 13 months and thereafter it will be renewed periodically. 7. There shall be interim stay for further proceedings, subject to depositing the above amounts.

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Post on 11.04.2022 for reporting compliance of payment of first installment.

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Sd/Chairperson

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dpj-10

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M/s Anjani Catering Services, through Its Partner Smt. Seema W/o Ujwal Thorat v. Jijau Commercial Co. Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

M/s Anjani Catering Services, through Its Partner Smt. Seema W/o Ujwal Thorat v. Jijau Commercial Co. Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Coram

Case details

All orders in this case

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