The Tribunal allowed an application for waiver of pre-deposit in a SARFAESI appeal. The appellant was directed to deposit an additional Rs. 55 lakhs in two instalments. Upon deposit, actions under the Act were stayed.
Directed appellant to deposit Rs. 55 lakhs in two instalments; stayed further actions under SARFAESI Act upon deposit.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 329/2023 (WoD) In
Appeal on Diary No. 812/2023
Between
M/s Bholenath Industries & Ors. … Appellant/s
V/s.
Authorized Officer, Punjab National Bank …Respondent/s Mr Rajesh Nagory, i/b Mr Kanjani Trivedi, Advocate for Appellants. Mr Fraser M Alexander, Advocate for Respondent Bank.
-: Order dated: 06/06/2023:-
I.A. N. 329 of 2023 is an application for waiver of deposit under Sec. 18 (1) of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’, for short). The Appellant has already deposited ₹75 lakhs towards predeposit.
under the 3rd proviso to Sec. 18(1) of the SARFAESI Act.
Post on 21.06.2023 for reporting compliance concerning the first instalment.
Interim order shall continue.
mks-5
2
3 issues framed by the court
Whether the Tribunal should waive or reduce the pre-deposit amount under the third proviso to Sections 18(1) of the SARFAESI Act, considering the appellant's financial constraints.
Whether the appeal should be dismissed for failure to comply with the instalment payment schedule.
Whether further actions under the SARFAESI Act should be stayed pending the deposit.
1 provisions across 1 enactments
M/s Bholenath Industries & Ors.
Authorized Officer, Punjab National Bank
Ashok Menon
As recorded by the court registry
3 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
