In this interim order, the Appellant argued that since there are no outstanding dues on the challenged facility, no pre-deposit is required under Section 18(1) of the SARFAESI Act. The matter was listed for further hearings.
Appellant submitted that no pre-deposit is required as there are no outstanding dues. The matter was listed for further hearing.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 46/2021 (WoD)
In
Appeal No. 08/2021
Between
Mohamad Afzal Mohammed Aslam & Anr. … Appellant/s V/s. Chief Manager, Indian Bank & Ors. …Respondent/s An Advocate for the Appellant is present.
Mr. Raju Uttam Shinde, along with Ms. Tamil Selvi, Advocate for Respondent No.1
-: Order dated: 19/12/2023:-
It is submitted by the Ld. Counsel appearing for the Respondent bank that as regards the facility with the Indian Bank account No. 862382860, there are no outstanding dues.
The Sarfaesi measures are challenged concerning the demand put forth by the Indian Bank due on the aforesaid account. Since admittedly there is no amount due from the Appellants, they need not deposit any amount towards the mandatory pre-deposit required to be deposited under Sec. 18(1) of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (“SARFAESI Act”, for short). The appeal is already taken on file.
There are two other facilities availed by the Appellants which is not exactly the subject matter of this appeal. The debts about those accounts have already been assigned to an Asset Reconstruction Company and no separate action has been yet been taken by the assignees of those debts.
Therefore, no mandatory deposit needs to be paid in this appeal.
Reply, if any, shall be filed within four weeks.
List on 01.03.2024 for hearing.
Interim order if any shall continue.
Chairperson
rm-3
1
2 issues framed by the court
Whether pre-deposit is required under Section 18(1) of the SARFAESI Act where no outstanding dues exist.
Whether the appeal is maintainable without deposit on the stated facts.
1 provisions across 1 enactments
Mohamad Afzal Mohammed Aslam & Anr.
Chief Manager, Indian Bank & Ors.
Ashok Menon
As recorded by the court registry
5 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
