Disposed

Santosh Shridharrao Vyavahare v. Indian Overseas Bank

DRAT7 Jun 2022REGULAR APPEAL/62/2022

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal stayed an application for waiver of deposit under the SARFAESI Act. It directed the bank to file a reply within a week with an account statement to ascertain the exact due amount, noting that the initial claim included only 25% interest.

What did the court decide?

Stayed the application; directed the bank to file a reply with an account statement within a week to ascertain the exact due amount.

Santosh Shridharrao Vyavahare versus Indian Overseas Bank — Banking and Recovery | DRAT (2022)

¶1

BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson

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I.A. No. 190/2022(WoD) In Appeal on Diary No. 501/2021

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Between

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Santosh s/o Shridharrao Vyavahare … Appellant/s V/s.

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Indian Overseas Bank & Ors. …Respondent/s

¶6

Mr. Amol Ram Joshi, Advocate for Appellant.

¶7

Ms. Khushboo Agarwal, i/b M/s. Thodur Law Associates, Advocate for Respondent No.1.

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-: Order dated :07/06/2022 :-

¶9

The matter is taken up for hearing by way of Praecipe dated 01.06.2022 filed by the Appellant for seeking urgent relief.

¶10

I.A. No. 190/2022 is an application for waiver of deposit filed under section 18 of SARFAESI Act. The Appellant had allegedly deposited Rs. 17.15 lac under the premise that he would be entitled to stay of the recovery proceedings following decision of the Hon’ble High Court of Judicature at Bombay Bench at Aurangabad in Writ Petition (L) Nos. 24293 of 2021 and 24630 of 2021. The Hon’ble Bombay High Court Bench at Aurangabad had granted stay by directing the parties to maintain status quo and that was extended till 24.06.2022 and then, Writ Petition was finally disposed of.

¶11

Respondent has appeared and seeks time to file reply to the application. There is specific direction from Hon’ble Bombay High

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Court Bench at Aurangabad in Writ Petition that the matter shall be heard on 10.06.2022 and finally disposed of by 24.06.2022 till which date the stay is granted. Since the Respondent Bank seeks time to file reply to the application, the same shall be filed within a week, positively because the exact amount that is due from the Appellant will have to be ascertained on the basis of account statement which is going to be furnished by the first Respondent. The deposit that is made by the Appellant is on the basis of the amount that is claimed under section 13(2) of the SARFAESI Act which comes around Rs.68 lacs and of that 25% is calculated, but considering facts that the aforesaid notice was issued in year 2012 subsequent interest also might have accrued and added. Hence, Respondent’s reply is crucial.

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Reply shall be filed within a weeks with copy to the other side two days advance.

¶14

Parties shall get ready for hearing on the next date, positively. Post on 14.06.2022 for hearing.

¶15

Sd/Chairperson

¶16

mks-7

Santosh Shridharrao Vyavahare v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Santosh Shridharrao Vyavahare v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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