Hotel Annapurna Plaza v. Bank of Baroda
Case brief
What is this about?
The tribunal considered whether auction sale proceeds could offset the mandatory pre-deposit required for appealing under the SARFAESI Act. Relying on Persn Medicinal Plant Pvt. Ltd., it allowed the applicant's request to exempt them from the pre-deposit as assets were sold, but adjourned the appeal hearing to dispose of it expeditiously pending a High Court order.
What did the court decide?
Application for waiver of pre-deposit under Section 18(1) of SARFAESI Act allowed; appeal admitted but hearing adjourned to 20th September, 2022.
What the court decided
Dy. No. 366 of 2021-DRAT-Kolkata
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
(Appeal Dy. No. 366 of 2021)
(Arising out of S.A. 143 of 2019 in DRT-2 Kolkata)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
| 1. | Hotel Annapurna Plaza | …Appell | ants |
|---|---|---|---|
| -Versus- Bank of Baroda |
|||
| … Resp | ondent | ||
| Counsel for the Appellants | Mr. A.K. Dha Learned Senior Mr. Nimish |
ndhania, Counsel, Mishra, |
|
| Learned Counsel Pal, Learned Cou P. Sil, Learned Mr. Ajit Keshari, Counsel. |
, Mr. P. nsel, Mr. Counsel, Learned |
||
| Counsel for Respondent | Mr.Debasish Cha | kraborty, | |
| Learned Couns |
el, Mr. |
||
| Deepanjan | Dutta, | ||
| Learned Couns |
el, Ms. |
||
| Poetry Dutta, |
Learned | ||
| counsel for |
the |
||
| Respondent. | |||
| Mr. S. Nag, |
Learned | ||
| Counsel for the purchaser |
auction | ||
| JUD | GMENT : |
On 30th |
August |
| 2022 | |||
| THE | APPELLATE TRIBUNAL : |
Issues for consideration
3 issues framed by the court
Whether sale proceeds of secured assets can be considered sufficient compliance for the pre-deposit requirement under Section 18(1) of the SARFAESI Act.
Whether an Appellate Tribunal can waive the pre-deposit requirement when the secured assets have already been sold and an adequate amount recovered.
How to reconcile conflicting judgments of High Courts regarding the applicability of auction sale proceeds towards pre-deposit.
Parties & counsel
- appellant
Hotel Annapurna Plaza
- respondent
Bank of Baroda
Coram
ANIL KUMAR SRIVASTAVA
Case details
As recorded by the court registry
All orders in this case
11 orders share this CNR
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