Since the respondent bank was served with notice but did not appear, the Tribunal allowed the appellant's application for withdrawal of the pre-deposit amount along with accrued interest.
The amount in deposit along with accrued interest shall be returned to the Appellant.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
M.A. No. 634/2019
in
(Appeal No. 109/2012 - Disposed of) Between
M/s. Universal Builders … Appellant/s V/s.
Oriental Bank of Commerce & Ors.
…Respondent/s
Ms. Jaishree Surati, i/b M/s. Ashwinikumar & Co., Advocate for Appellant.
-: Order dated : 02/06/2022 :-
This application is filed in Appeal No. 109/2012 by the Appellant seeking withdrawal of the amount that was deposited towards pre-deposit u/s 18(1) of the Securitization and Reconstruction of Financial Assets & Enforcement of Securities Act, 2002 (the SARFAESI Act). The Appeal was disposed of on 28.03.2019 in view of fact that the notice u/s 13 (2) issued by the Bank was withdrawn and subsequent to that, the Appeal had become infructuous. This fact was noted by this Tribunal in order dated 28.03.2019, and therefore the Appeal was disposed as infructuous.
The Appellant now seeks permission to withdraw the amount lying in deposit in this Tribunal as pre-deposit. The Respondent Bank which has since merged with Punjab National Bank, was served with a notice on this application, but none appeared. Hence, it has to be presumed that the Bank has no objection to this application.
Hence, this application, i.e. M.A. No. 634/2019, is allowed and the amount in deposit with this Tribunal, along with accrued interest, shall be returned to the Appellant by the Registrar on proper acknowledgement.
Sd/Chairperson
dpj-4
1
1 issue framed by the court
Whether the appellant is entitled to withdraw the pre-deposit amount lying with the Tribunal.
1 provisions across 1 enactments
M/s. Universal Builders
Oriental Bank of Commerce & Ors.
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
