Ashwin Mankeshwar v. Kotak Mahindra Bank Limited
Case brief
What is this about?
The Debts Recovery Appellate Tribunal directed the release of the deposited amount with accrued interest to the applicants, noting that the entire dues had been settled and a no-due certificate was issued by the bank. The debt recovery appeal was withdrawn.
What did the court decide?
The amount in the deposit together with accrued interest is directed to be released to the applicants.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson M.A. No. 115/2023 (Withdrawal of Money)
In
(Appeal on Diary No. 1095/2022- Disposed of)
Between
Mr. Ashwin Ramesh Mankeshwar & Ors. … Appellant/s V/s. The Authorized Officer, …Respondent/s
The Authorized Officer, Kotak Mahindra Bank Ltd.
An Advocate for the Appellant is present.
-: Order dated: 08/12/2023:-
The matter is taken up for hearing by way of a praecipe filed by the Appellants for seeking urgent relief.
The Appellants have filed this application for withdrawal of the amount deposited by them under the provision of the u/s 18 (1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short). The Appeal was disposed of and the Appellants now contended that the entire amount due to the Respondent bank has been settled and a no-due certificate has been issued by them. Hence, the S.A. is also being withdrawn.
Issues for consideration
2 issues framed by the court
Whether the deposited amount along with accrued interest should be released to the appellants upon settlement of dues.
Relief for withdrawal of money under Section 18(1) of the SARFAESI Act.
Parties & counsel
- appellant
Ashwin Ramesh Mankeshwar & Ors.
- respondent
The Authorized Officer, Kotak Mahindra Bank Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · December
- CNR
- 271090010952022
- Topic
- Banking and Recovery
All orders in this case
3 orders share this CNR
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