This order permits the applicant to deposit 50% of the outstanding debt as statutory appeal fee under the SARFAESI Act in five equal instalments. Failure to deposit any instalment results in rejection of the appeal.
Leave granted to pay 50% of the outstanding amount in five equal instalments; first instalment payable on or before 10.11.2022.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 188/2021 In A.IR:130/2020
Mrs.Priyadharshini Athreya V/S A.O.,Union Bank Of India & Anr
01/11/2022
This Application is filed seeking waiver of statutory deposit required to be made under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.
Appellant preferred this Appeal under Section 18 of SARFAESI Act, 2002, challenging Order dated 13.11.2020 in SA 172/2019 passed by DRT-III, Chennai.
Heard Learned Advocates of both parties.
Learned Advocate for Petitioner/Appellant submitted that subject loan is a House Loan and Petitioner/Appellant has challenged the action of Authorised Officer of 1st Respondent Bank initiated under SARFAESI Act, 2002, and Petitioner/Appellant has got fair chances of success. He further submitted that as Petitioner/Appellant is a lady, and subject loan is a House Loan, it is difficult for her to pay the entire 50%, at one stretch, and she may be granted instalments.
Advocate for 1st Respondent Bank submitted that though Demand Notice dated 03.06.2019 is for Rs.1,90,07,990/-, the amount due from Petitioner/Appellant as on 14.10.2022 is Rs.1,04,70,023.50p and Petitioner/Appellant has to deposit 50% of said amount.
Petitioner /Appellant filed an Affidavit stating that as she is facing financial crisis, it would be difficult for her to pay 50% of outstanding, which come to Rs.52,35,011.75p, in one instalment, and prayed to allow her to deposit the same in five equal instalments, and to that effect an Affidavit is filed today.
Considering the submissions of both sides, and considering the Affidavit filed by Petitioner/Appellant today, Petitioner/Appellant is permitted to deposit 50% of outstanding amount, which comes to Rs,52,35,011.75p, in five equal instalments, as requested by Petitioner/Appellant. First instalment of Rs.10,47,002.35p shall be deposited on or before 10.11.2022; Second instalment of Rs.10,47,002.35p shall be deposited on or before 20.11.2022; third instalment of Rs.10,47,002.35p shall be deposited on or before 30.11.2022; fourth instalment of Rs.10,47,002.35p shall be deposited on or before 10.12.2022 and last instalment of Rs.10,47,002.35p shall be deposited on before 20.12.2022.
It is made clear that failure to deposit any single instalment, would result in rejection of the Appeal. On making such deposit, Registrar shall invest the same in a Nationalized Bank for a reasonable period and renew it periodically, till further orders are passed.
Post the case on 11.11.2022, for reporting compliance of deposit of 1st instalment.
Sd/Chairperson
1 issue framed by the court
Whether the applicant be permitted to deposit the statutory 50% requireddebt recovery appeal fee in instalments due to financial crisis.
1 provisions across 1 enactments
Mrs Priyadharshini Athreya
A.O., Union Bank Of India
Anr
Chairperson
As recorded by the court registry
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