Perfect Infraengineer Ltd. v. Icici Bank Limited
Case brief
What is this about?
The tribunal granted an extension to the appellant to pay the mandatory pre-deposit directed under Section 18 of the SARFAESI Act, deviating from the statutory six-month timeframe, by allowing payment by 12.12.2022 under powers of the RDB Act and CPC.
What did the court decide?
Extension granted to pay the first instalment together with the second instalment of the pre-deposit due on 12.12.2022.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. on Diary No. 1236/2022 (EoT)
In Appeal on Diary No. 378/2022
Between
Perfect Infraengineer Ltd. & Anr. … Appellant/s V/s. ICICI Bank Ltd. …Respondent/s
Ms Hemali Kurne, i/b M/s. Nedumpara & Nedumpara, Advocate for Applicants.
Ms Manisha Mehta (Promoter) for Appellant.
Mr Horjot Singh, i/b M/s. Raval-Shah & Co., Advocate for Respondent No.1 to 3.
-: Order dated: 22/11/2022:-
- The Appellant has filed an application at Diary No. 1236/2022 seeking an extension of time granted by this Tribunal to make the pre-deposit. By order dated 31.10.2022, the Appellant was directed to deposit a sum of ₹1.50 crores in two equal instalments under the Second proviso to Sec. 18(1) of the SARFAESI Act. The first instalment of ₹75 lacs was to be paid within three weeks on or before 21.11.2022. The Appellant did not pay that amount but filed an application on 17.11.2022 seeking an extension of time.
Issues for consideration
2 issues framed by the court
Whether to grant an extension of time for the appellant to pay the mandatory pre-deposit under Section 18 of the SARFAESI Act.
Whether the appellate tribunal has the authority to allow an extended period for compliance with the mandatory pre-deposit requirement.
Parties & counsel
- appellant
Perfect Infraengineer Ltd. & Anr.
- respondent
ICICI Bank Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · November
- CNR
- 271090003782022
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
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