Appeal against SARFAESI measures. Bench fixed remaining pre-deposit amount of ₹12 lakhs to be deposited by 31.08.2023. Pending possession dated deferred to next hearing. Reply allowed to respondent in appeal.
Parties directed to deposit remaining pre-deposit of ₹12 lakhs. Pending possession deferred. Call for reply.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
I.A. No. 527/2023 (WoD) In
Appeal On Diary No.1328/2023
Between
Sultan Mohammad Shaikh & Anr. … Appellant/s
V/s.
DCB Bank Ltd. …Respondent/s
Mr Mangesh D. Patel, Advocate for Appellants.
Mr Vinay Deshpande, i/b M/s. V. Deshpande & Co., Advocate for Respondent Bank.
The Appellants are in appeal impugning the order in Securitisation Application (S.A.) at Diary No. 361 of 2023 on the files of the Debts Recovery Tribunal-II, Mumbai (D.R.T.). The Appellants have not produced a copy of the impugned order since it has not been made available till date. It is pointed out that the Appellants are challenging the Sarfaesi measures initiated by the Respondent Bank. The notice under Sec. 13(2) and also notice under Sec. 13(4) stand challenged. The notice under Sec. 13(2) demands a sum of ₹52,55,004.63 as on 17.06.2021. According to the latest Hon’ble Supreme Court Judgment in Sidha Neelkanth Paper Industries Pvt. Ltd. vs. Prudent ARC Ltd. & Ors 2023 SCC OnLine SC 12 when the Appellants challenge only the notice under Sec. 13(2) and the steps under Sec. 13(4), the amount of debt due would be the amount mentioned in the notice under Sec.13(2). Hence, the threshold amount for the deposit of pre-deposit under Sec.
1
18(1) of the Recovery of Debts and Bankruptcy Act (‘RDB Act’, for short) is ₹52,55,004.63. The Appellants have contended that they are under financial strain and the Income Tax Returns have also been filed to indicate that they have a little income.
2
Post on 01.09.2023 for reporting compliance concerning the payment.
Sd/Chairperson
mks-4
3
2 issues framed by the court
Whether the appellants are required to deposit a specific amount as pre-deposit to maintain the appeal against SARFAESI measures.
Whether the threshold amount for pre-deposit under Section 18(1) RDB Act is determined based on the amount in the Section 13(2) notice.
Colour shows how this judgement treated each authority
Sidha Neelkanth Paper Industries Pvt. Ltd. vs. Prudent ARC Ltd. & OrsReferred¶10
Sidha Neelkanth Paper Industries Pvt. Ltd. vs. Prudent ARC Ltd. & Ors 2023 SCC OnLine SC 12 · Who else cites this
2 provisions across 1 enactments
Sultan Mohammad Shaikh & Anr.
DCB Bank Ltd.
Ashok Menon
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
