R Tamilarasi v. Canara Bank
Case brief
What is this about?
Appellant bank notified respondent for Rs. 1.76 crore; appellant deposited Rs. 60 lakhs. Tribunal held no waiver applies. Mandatory 50% of balance (Rs. 58 lakhs) must be deposited within four weeks.
What did the court decide?
The appellant shall deposit Rs. 58,00,000/- within four weeks; failing which, the appeal shall be rejected.
What the court decided
A compact analysis
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 180/2022 In AIR 36/2022
R.Tamilarasi ... Appellant Vs A.O.,Canara Bank ... Respondent
07/06/2022
Counter and additional counter of respondent bank filed.
This application is filed seeking waiver of statutory deposit of 50%.
Advocate for appellant submitted that respondent bank issued Section 13(2) notice claiming a sum of Rs.1,76,00,000/- as on 21.8.2019. It is further submitted that a sum of Rs.30.00 lakhs is deposited on 22.3.2022 and another sum of Rs.30.00 lakhs on 11.4.2022. It is submitted that appellant is ready to deposit another sum of Rs.25.00 lakhs.
Advocate for respondent bank submitted that bank is not disputing payment of Rs.60.00 lakhs subsequent to Section 13(2) notice and for entertaining the appeal, appellant has to comply with the statutory requirement under Section 18(1) of the SARFAESI Act.
Considering the submissions of both sides and the material papers, the amount of Rs.60.00 lakhs paid by the appellant has to be reduced from Section 13(2) notice amount of Rs.1,76,00,000/- and the appellant shall deposit 50% of the remaining amount for entertaining the appeal.
Issues for consideration
1 issue framed by the court
Whether the appellant is entitled to a waiver of the statutory 50% deposit requirement for entertaining the appeal despite having deposited Rs. 60 lakhs.
Parties & counsel
- appellant
R.Tamilarasi
- respondent
A.O., Canara Bank
Coram
Chairperson
Case details
As recorded by the court registry
All orders in this case
5 orders share this CNR
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