Disposed

M/S Radhe Garments and Anr. v. Indian Bank

DRAT24 May 2022MISC APPEAL/67/2022

Case brief

AI extract

What is this about?

The Tribunal directed the appellants to deposit an additional Rs. 7,40,483/- within six weeks to complete the 25% pre-deposit under Section 18 of the SARFAESI Act. It noted that upon completion, a waiver application for the balance pre-deposit could be filed and the interim request to restrain the auction would be considered.

What did the court decide?

Directiuon to deposit Rs. 7,40,483/- to complete 25% pre-deposit; stay on waiver consideration and auction status conditional on payment.

M/S Radhe Garments and Anr. versus Indian Bank — Company and Corporate | DRAT (2022)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Misc. Appeal No.67/2022 Arising out of Diary No.134/2021(DRT, Jaipur)

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M/s Radhe Garments & Anr. Vs Indian Bank

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24.05.2022 Hon’ble Mr. Justice Brijesh Sethi

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Present: Mr. Tanuj Gupta, Ld. Counsel for appellants

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Mr. Vineet Mehta, Ld. Counsel for respondent bank

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This matter has again been taken up by me through Video Conferencing.

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This is an appeal filed against the order dated 09.05.2022 passed by the learned Presiding Officer of DRT, Jaipur. The appellants have prayed for quashing of the said order dated 09.05.2022 and has also sought interim relief of restraining the bank from auctioning the property, which is scheduled for 25.05.2022.

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As per section 18 of the SARFAESI Act, the appellants have to make a pre-deposit of 50% of the amount of due for the entertainment of the appeal. The matter was heard earlier and an amount of Rs.7,88,000/- has been deposited by the appellant towards 25% pre-deposit in the Registry of this Tribunal on 23.05.2022. Thereafter, the bank has filed its reply in which it has been stated that an amount of Rs.61,13,932/- is due from the appellants.

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Learned counsel for the appellants, on the other hand, states that the appellants have deposited various amounts of which credits have not been given by the bank. Learned counsel for the respondent bank, however, submits that whatever amounts have been deposited by the appellants, the same have been given credit in Cash Credit and housing loan accounts of the appellants and the amount due for the purpose of calculating the pre-deposit is Rs.61,13,932/- .

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This Tribunal is of the opinion that since the amount due for the purpose of calculating the pre-deposit at this stage is Rs.61,13,932/-, the appellants have to deposit at least 25% of this amount, which comes to Rs.15,28,483/-, for the entertainment of the appeal. Out of this, the appellants have already deposited an amount of Rs.7,88,000/-. Thus, the appellants have to deposit a further sum of Rs.7,40,483/- to make the pre-deposit to the extent of 25%.

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-: 2 :-

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Appellants are directed to deposit this amount with this Tribunal within six weeks from today. Once appellants make this pre-deposit of 25%, this Tribunal will consider the request of the appellants for waiver of the balance 25% pre-deposit. In case the appellants make the above pre-deposit earlier, they will be at liberty to move an application for early hearing also. In case the amount is deposited the Registry shall keep the amount in fixed deposit with a nationalised bank. The amount deposited earlier be also kept in the same manner.

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So far as the auction of the property in question is concerned, the same of course will be subject to the outcome of this appeal.

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List on 05.08.2022.

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(CHAIRPERSON)

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-pk

M/S Radhe Garments and Anr. v. Indian Bank

Case brief

What is this about?

What did the court decide?

M/S Radhe Garments and Anr. v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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