Mrs Sumathi Selvakumar v. Karur Vysya Bank
Case brief
What is this about?
The Appellate Tribunal allowed a waiver application for compliance with the statutory deposit requirement, permitting the appellant to deposit 25% of the amount claimed in the Section 13(2) notice due to the appeal being against an interim order. The appellant was ordered to deposit Rs. 1.25 crore within two weeks.
What did the court decide?
Waiver of statutory deposit allowing appeal to be entertained on 25% of the 13(2) notice amount; order to deposit Rs. 1,25,40,147/- within two weeks.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 341/2022 In A.IR:277/2022
Mrs.Sumathi Selvakumar V/S A.O.,Karur Vysya Bank Ltd
19/08/2022
This IA is filed for hearing waiver application on urgent basis.
Heard both sides.
For the reasons stated in the affidavit filed in support of the petition, this IA is allowed.
IA 324/2022 (waiver):
IA 341/2022 (urgent) is allowed.
Counter of respondent bank filed today.
This application is filed seeking waiver of statutory deposit under Section 18(1) of SARFAESI Act.
Heard both sides.
Issues for consideration
2 issues framed by the court
Whether waiver of statutory deposit of 75% of the 13(2) notice amount is appropriate given the interim status of the appeal.
What quantum of deposit is required for entertaining an appeal against an interim order.
Parties & counsel
- appellant
Mrs. Sumathi Selvakumar
- respondent
A.O., Karur Vysya Bank Ltd
Coram
Chairperson
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · August
- CNR
- 331090002772022
- Topic
- Banking and Recovery
All orders in this case
7 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court