Dismissed
Anoor K Prakasam v. The Authorised Officer State Bank of India
DRATMISC APPEAL/36/2022
Case brief
AI extract
What is this about?
The Debt Recovery Appellate Tribunal in Chennai dismissed an application for waiver of statutory deposit under Section 18 and 13(2) of the RD Act. The Tribunal held that the appellant must deposit 50% of the due notice amount (Rs. 45,25,458/-) before the appeal can be entertained; failure to do so results in rejection of the appeal.
What did the court decide?
Appellant directed to deposit Rs. 45,25,458/- within 15 days; appeal rejected failing compliance; Registrar directed to invest deposit in nationalized bank.