This order addressed the waiver application for the statutory deposit required under the SARFAESI Act, 2002. The tribunal rejected the waiver request, directing the appellant to deposit 50% of the sale notice amount before the appeal can be entertained.
Directed appellant to deposit Rs. 5,86,468/- within one month for the appeal to be entertained.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 674/2021 In
A.IR:213/2021
N.R.Imayavaramban V/S Sbi & Anr
10/08/2022
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal.
Petitioner/Appellant preferred this Appeal under Section 18 of SARFAESI Act, 2002 challenging the Order dated 13.10.2021 in OA (S) 107/2006 passed by DRT, Coimbatore.
As seen from record, amount claimed by Secured Creditor under Sale Notice is Rs.11,72,936.44p as on 31.01.2002.
Petitioner/Appellant in person represented that sale is conducted without following the Rules, 2002, and same has to be set aside. It is submitted that statutory deposit may be waived.
On the other hand, Advocate for Respondent No.1 Bank opposed the same, and submitted that in this case, Sale Notice is issued on 05.10.2006 for Rs.11,72,936.44p, thereafter sale is conducted and Sale Certificate is issued on 22.02.2007.
Petitioner/Appellant has not made out any grounds for reducing the statutory deposit, therefore, he shall deposit 50% of Sale Notice amount i.e. Rs.11,72,936.44p, which comes to Rs.5,86,468/-, for entertaining the Appeal. When the same was put to Petitioner/Appellant, he sought for one month time for deposit of said amount.
For the above reasons, Petitioner/Appellant shall deposit Rs.5,86,468/-, within a period of one month i.e., on or before 12.09.2022.
It is made clear that failure to deposit above amount, on or before 12.09.2022, the Appeal shall stand rejected. On making such deposit by Petitioner/Appellant, Registrar is to invest the same in a Nationalized Bank, from time to time till further orders are passed.
Post the case on 13.09.2022, for compliance of payment.
Sd/Chairperson
2 issues framed by the court
Whether the statutory deposit required under Section 18(1) of the SARFAESI Act may be waived for entertaining the appeal.
Whether the appellant is to be directed to deposit a percentage of the secured creditor's claimed amount for entertaining the appeal.
1 provisions across 1 enactments
N.R. Imayavaramban
SBI & Anr
Chairperson
As recorded by the court registry
21 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
