Ms Rajani Traders v. Canara Bank
Case brief
What is this about?
The Debts Recovery Appellate Tribunal at Kolkata disposed of an application for waiver of mandatory predeposit under Section 18 of the SARFAESI Act, 2002. The Tribunal held that while predeposit is mandatory, it directed the appellant to deposit 35% of the due amount within four weeks, failing which the appeal would be dismissed as not maintainable.
What did the court decide?
Appellant directed to make pre deposit of 35% of amount due within four weeks, failing which appeal stands dismissed as not maintainable.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
(Diary No. 240 of 2019)
(Arising out of S.A. 320 of 2018 in DRT, Visakhapatnam)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
09.09.2022 M/s. Rajani Traders … Appellant -vsCanara Bank … Respondent Ms. Swarnali Dutta, representing Mr. P. Sreenivas, Counsel for Appellant
Ms. Aparajita Ghosh with Ms. Aditi Roy, Learned Counsel for Respondent Bank
THE APPELLATE TRIBUNAL :
Application No. 343 of 2019
This is an application under Section 18 of the SARFAESI Act, 2002 for waiver from making pre deposit.
Learned Counsel for Appellant submits that due to financial cruch, Appellant is not in a position ot deposit 50% of the amount due. It is submitted that the Appellant may be permitted to deposit 25% of the mandatory deposit.
Section 18 (1) of the SARFAESI Act, 2002 reads as under :
Issues for consideration
2 issues framed by the court
Whether an appellant can be permitted to waive predeposit under Section 18 of SARFAESI Act, 2002 due to financial crunch.
Whether mandatory predeposit of 50% can be reduced to a lower percentage when 50% deposit is not possible.
Parties & counsel
- appellant
M/s. Rajani Traders
- respondent
Canara Bank
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
All orders in this case
6 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court