Mrs Selvi S v. Fullerton India Home Finance Co. Ltd.
Case brief
What is this about?
This order addresses an application seeking waiver or reduction of the statutory deposit required under Section 18(1) of the SARFAESI Act, 2002 for entertaining an appeal. The Tribunal found no grounds for reduction and directed the appellant to deposit 50% of the claimed amount within two weeks.
What did the court decide?
Direction to deposit Rs. 86,79,824/- (50% of Rs. 1,73,59,649.48) within two weeks as statutory requirement.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 582/2019 In AIR 157/2021
Mrs.Selvi.S V/S A.O.,Grihashakti
08/07/2022
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002 for entertaining the Appeal.
Heard Learned Counsel of both sides and perused record.
Advocate for Petitioner/Appellant, except saying that amount may be reduced and that Petitioner/Appellant is ready to deposit the reduced amount, nothing is stated as to the grounds on which such request is made.
Other side has not filed any Counter in spite of granting sufficient time.
As seen from record, demand of Secured Creditor is Rs.1,73,59,649.48p as on 05.04.2021. From the record, it is evident that no money is paid subsequent to Section 13(2) Notice.
As per Section 18(1) of SARFAESI Act, 2002, for entertaining Appeal, Petitioner/Appellant has to deposit 50% of the amount claimed by Secured Creditor and this Tribunal is vested with power to reduce it upto 25% by recording the reasons.
Issues for consideration
2 issues framed by the court
Whether the request for waiver of statutory deposit under Section 18(1) of the SARFAESI Act, 2002 could be allowed without stated grounds.
Whether the statutory deposit required for entertaining an appeal should be reduced by the Tribunal in the absence of reasons.
Parties & counsel
- appellant
Mrs. Selvi. S
- respondent
A.O., Grihashakti
Coram
Chairperson
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · July
- CNR
- 331090001572021
- Topic
- Banking and Recovery
All orders in this case
6 orders share this CNR
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