M/ S Ramom Motion Auto Corp Pvt. Ltd. and Ors. v. Indian Overseas Bank
Case brief
What is this about?
This order lists an appeal by M/s Ramom Motion Auto Corporation Pvt. Ltd. against a waiver application. The respondent-Bank contested maintainability, citing a 50% deposit requirement under the SARFAESI Act, while the appellant argued against the need for pre-deposit due to the interim nature of the order.
What the court decided
A compact analysis
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I.A. No. 85/2022 In Appeal Dy. No. 191/2022 Date: 20.05.2022
M/s Ramom Motion Auto Corporation Pvt. Ltd. Vs. Indian Overseas Bank
Present: Shri Vivek Kumar Singh, counsel for the appellant, Shri Maneesh Mehrotra, counsel for the respondent-Bank,
Learned counsel for the respondent-Bank submits that the copy of waiver application has not been served upon him, for which the learned counsel for the appellant undertakes to serve the same upon the learned counsel for the respondentBank during course of the day.
Learned counsel for the respondent-Bank submits that the present appeal is not maintainable for want of 50% deposit of the amount claimed by the secured creditor or determined by the Tribunal below, whichever is less, as per section 18 of the SARFAESI Act. In support of this contention, the learned counsel has produced several judgments of different courts, which are taken on record.
Learned counsel for the appellant submits that the present appeal has not been filed against the final order, therefore, no pre-deposit is required.
The matter of waiver shall be considered on the next date, by which time the appellant shall go through the judgments submitted by the learned counsel for the respondent-bank.
List this case on 28.07.2022 for reply.
Justice R. D. Khare Chairperson
Issues for consideration
2 issues framed by the court
whether an appeal against a waiver application requires a pre-deposit of 50%.
whether the appeal is maintainable for want of pre-deposit under Section 18 of the SARFAESI Act.
Parties & counsel
- appellant
M/s Ramom Motion Auto Corporation Pvt. Ltd.
- respondent
Indian Overseas Bank
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090001912022
- Topic
- Banking and Recovery
All orders in this case
4 orders share this CNR
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