Ramchandra Khandu Shinde v. Gic Housing Finance Ltd.
Case brief
What is this about?
The tribunal disposed of an application regarding the waiver of pre-deposit in a SARFAESI appeal. The appellant offered ₹5 lakhs; the court directed a total of ₹15 lakhs pre-deposit, accepting the offered amount and setting the balance in installments. Pending payment, further SARFAESI measures were stalled.
What did the court decide?
Appellant directed to pay total ₹15 lakhs pre-deposit in installments; further SARFAESI measures stalled until compliance.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
I.A. No. 183/2023 (WoD) In Appeal on Diary No. 445/2023
Between
Ramchandra Khandu Shinde … Appellant/s V/s. GIC Housing Finance Ltd. …Respondent/s
Ms. Sonali Jain along with Ms. Khushboo Agarwal, Advocate for Appellant.
Mr. Sanjay Anabhawane, i/b M/s. M & S Legal Ventures, Advocate for Respondent.
-: Order dated: 27/03/2023:-
The Appellant is before this Tribunal challenging the order dated 29.08.2022 in Interlocutory Application (I.A.)No. 1974/2022 in Securitization Application(S.A.) No. 256/2022 on the files of Debts Recovery Tribunal- II, Mumbai (D.R.T.) wherein the injunction sought against 1st Respondent from taking physical possession of the secured assets was declined to be stalled.
- The Ld. Presiding Officer found that there is no prima facie case because the Appellant did not respond to the demand notice u/s 13 (2) despite being served and that the Appellant had approached the bank with an OTS proposal. Although the OTS proposal was accepted by the Appellant, he failed to pay that amount and hence, the Ld. Presiding Officer refused to grant any injunction.
Issues for consideration
2 issues framed by the court
Whether to waive pre-deposit requirement for the appeal filed under Section 18(1) of the SARFAESI Act.
Whether the appellant's financial strain and partial payment under an OTS proposal justify a reduced pre-deposit.
Parties & counsel
- appellant
Ramchandra Khandu Shinde
- respondent
GIC Housing Finance Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
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