K Natarajan v. Union Bank of India
Case brief
What is this about?
The Debt Recovery Appellate Tribunal addressed an application for total waiver of pre-deposit under the SARFAESI Act. Relying on Supreme Court precedents, the Bench held that while tribunals cannot waive the deposit fully for borrower appeals, they possess power to reduce the statutory 50% requirement.
What did the court decide?
Direction to deposit 25% (Rs. 52,95,530/-) of the claimed amount by 13.10.2022 to entertain the appeal.
IA-294/2022 in AIR (SA) 199/2022
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 29th of September, 2022
PRESENT: Hon’ble Mr. Justice S. Ravi Kumar
CHAIRPERSON
IA-294/2022
in
AIR (SA) 199/2022
[IA 1941/2022 in SA 488/2022 on the file of DRT, Coimbatore)
Between
- Mr. K. Natarajan,
- No.5 A, Moonghil Thottam, Kosavampalayam, Palladam, Tiruppur - 641 664.
- Tamil Selvi,
Issues for consideration
3 issues framed by the court
Whether the Debt Recovery Appellate Tribunal can grant a total waiver of the statutory pre-deposit for entertaining an appeal against an interlocutory order.
Whether the mandatory pre-deposit requirement under Section 18(1) of the SARFAESI Act applies to appeals against interlocutory orders.
What percentage of the claim amount must be deposited to entertain an appeal against an interlocutory order in the absence of debt determination.
Parties & counsel
- appellant
K. Natarajan and Another
- respondent
The Authorised Officer, Union Bank of India
Coram
S. Ravi Kumar
Case details
As recorded by the court registry
All orders in this case
9 orders share this CNR
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