The DRAT rejected the appellant's application for waiver of the statutory pre-deposit of ₹30 lakhs under Section 18(1) of the SARFAESI Act, directing payment into the Tribunal's registrar account.
Appellants directed to deposit ₹30 lakhs as pre-deposit within three weeks.
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. 361/2022 (WoD)
In
Appeal on Diary No. 257/2022
Between
M/s. Lloyd Fast Food & Restaurant & Ors. … Appellant/s V/s.
Canara Bank & Ors.
Mr. Sachin Kaikini, Advocate for Appellants.
Mr. Akbar Rizvi, i/b M/s. AKS Legal Consultants, Advocate for Respondent No. 1 & 2
This is an application for waiver of pre-deposit filed by the Appellants seeking the indulgence of this Tribunal to entirely waive the deposit on the ground that a sum of ₹ 49 lakhs is already been paid to the bank directly. Whereas the amount which is allegedly due is only ₹ 60 lakhs and therefore, there is no more amount to be paid by the Appellants.
1
Interest Act, 2002 (“SARFAESI Act” for short) since the amount that is claimed as of the date which ₹ 60 lakhs according to the Respondents and the Appellants have not made out any prima facie case and they have not pleaded any ground of financial strain.
Post on 30.05.2023 for reporting compliance.
psa-04
Sd/Chairperson
2
2 issues framed by the court
Whether to waive the pre-deposit requirement in an appeal under Section 18(1) of the SARFAESI Act when the appellant claims a partial payment and subsequent sale.
Whether the deposit of ₹49 lakhs made in a different branch of the respondent bank satisfies the statutory pre-deposit obligation.
1 provisions across 1 enactments
M/s. Lloyd Fast Food & Restaurant & Ors.
Canara Bank & Ors.
Ashok Menon
As recorded by the court registry
6 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
