Dr.AT Mumbai allowed the appeal against dismissal of Section 17 SARFAESI Act appeal held dismissal for non-deposit of security was unjustified ordered restoration and transfer to DRT-III for merits.
Brief order and appeal remitted for consideration on merits; temporary stay on SARFAESI measures not issued in this order.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson
Appeal No. 47/2016
Between
M/s. Shree Swami Samarth Exports & Ors. … Appellant/s V/s. Bank of Maharashtra …Respondent/s
Mr Puneet Gogad, Advocate for Appellants.
Ms. Hema Desai, i/b M/s. Shirsagar & Joshi Associates, Advocate for Respondent.
-: Order dated: 05/09/2022:-
1
Sarfaesi measures set aside.
2
on the basis of non-deposit of the amount of Rs.35 Lakhs which was directed to be paid on or before 15.02.2016.
3
140/2015 on merits as expeditiously as possible, at any rate within the period of two months from receipt of a copy of this order.
With these observations, the Appeal stands disposed of.
Sd/Chairperson
dpj-21
4
3 issues framed by the court
Whether an appeal under Section 17 of the SARFAESI Act can be dismissed solely for non-deposit of security without considering merits.
Whether a conditional order linking stay to deposit of security is mandatory under Section 18.
Whether the lower tribunal was justified in dismissing the appeal for failure to comply with an order for deposit without reasoning.
3 provisions across 1 enactments
M/s. Shree Swami Samarth Exports & Ors.
Bank of Maharashtra
Ashok Menon
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
