Amool Shivaji Rokade v. Hdfc Bank
Case brief
What is this about?
The Tribunal dismissed the application for waiver of pre-deposit, directing the Appellants to deposit ₹1 crore. A stay on SARFAESI measures was granted pending payment of the deposit. Criminal compliance issues were noted but not decided.
What did the court decide?
Interim stay on SARFAESI measures granted subject to deposit of ₹1 crore in two instalments.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 373/2023 (WoD) In
Misc. Appeal on Diary No. 944/2023
Between
Mr Amol Shivaji Rokade & Anr. … Appellant/s V/s.
Housing Development Finance Corporation Ltd. …Respondent/s Mr Herbert Noronha, i/b Mr Prafull Mahadik, Advocate for Appellants.
Mr Shreesh Oak, i/b M/s. SC Legal, Advocate for Respondent.
-: Order dated: 14/06/2023:-
I.A. No. 373/2023 is an application for waiver of deposit filed under Sec. 18 (1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short) for granting the concession of reducing the pre-deposit amount to minimum 25% for the reasons stated in the application. The appeal is directed against the order of the Debts Recovery Tribunal No. I, Mumbai (D.R.T.) dated 05.06.2023 in I.A. No. 2018/2023 in S.A. No. 102/2023 declining to grant any interlocutory order with regard to the Sarfaesi measures initiated by the Respondent Bank.
- The aforesaid S.A. was filed challenging the Sarfaesi measures initiated by the Respondent Bank. The notice under Sec. 13(2) dated 16.04.2019 was received by the Appellants demanding a sum of
Issues for consideration
2 issues framed by the court
Whether the Appellants are entitled to a waiver of the pre-deposit amount under Sec. 18(1) of the SARFAESI Act.
Whether the objections regarding the validity of the Sec. 13(2) notice and the proceedings under Sec. 14 merit an interlocutory stay.
Parties & counsel
- appellant
Amol Shivaji Rokade & Anr.
- respondent
Housing Development Finance Corporation Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · June
- CNR
- 271090009442023
- Topic
- Banking and Recovery
All orders in this case
4 orders share this CNR
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