Suchita Samir Dabri v. Saraswat Cooperative Bank Limited
Case brief
What is this about?
This is an appeal against the DRAT's refusal to grant an extension of time to clear secured debt. The court held the appellant must deposit 50% of the outstanding amount as a pre-deposit under Section 18(1) of the SARFAESI Act to entertain the appeal. Upon payment, the appellant will get a stay on enforcement measures.
What did the court decide?
Appellant directed to deposit ₹2 lakhs as pre-deposit within three weeks to entertain the appeal; upon payment, stay of SARFAESI measures and dispossession granted.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
I.A. No. 442/2022 (WoD)
In Appeal on Diary No. 184/2022
Between
Suchita Samir Dabri & Anr. … Appellant/s V/s. The Saraswat Co-operative Bank Ltd. …Respondent/s
Mr. Sanjay Dubey, i/b Mr. Akhlak Khan, Advocate for Appellant. Ms. Swati Sawant along with Mr. Nirav Doshi, i/b M/s. S.K. Legal, Advocate for Respondent.
The Appellant is in Appeal impugned the order dated 08.03.2022 in Interlocutory Application (I.A.)No. 527/2022 in Securitization Application (S.A.) No. 2/2022 on the files of Debts Recovery Tribunal-II, Mumbai (D.R.T.). The Appellant had earlier volunteered to clear the entire debt which was determined in an arbitration award dated 23.05.2017 wherein the amount due is determined to be ₹ 11,93,640.93/- payable together with interest @ 10% p.a with effect from 01.04.2017 till the date of realization. The amount due stands determined.
- The Respondent thereafter initiated Sarfaesi measures to recover the amount, and the Appellant filed the aforesaid S.A. u/s 17 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short). During the pendency of the S.A., the Appellant agreed to
Issues for consideration
2 issues framed by the court
Whether the appellant is required to make a pre-deposit to entertain an appeal against the Debts Recovery Tribunal.
Whether the appellant is entitled to a stay of further SARFAESI measures upon making the pre-deposit.
Parties & counsel
- appellant
Suchita Samir Dabri & Anr.
- respondent
The Saraswat Co-operative Bank Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 · Ashok Menon
- Order 2 — this page · Ashok Menon
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