Allowed

Mrs Pratiksha Chandrakant Pawar v. Nkgsb Cooperative Bank Limited

DRAT1 Sept 2023IA/598/2023

Case brief

AI extract

What is this about?

The Appellants appealed the impugned order reaching dispossession of mortgaged flats and the SARFAESI measures. The Debt Recovery Appellate Tribunal allowed the interim stay of dispossession pending deposit of a total pre-deposit of ₹15,00,000/- in installments, rejecting the bank's claim.

What did the court decide?

Interim stay on dispossessions of flat Nos. 101, 102, A/203 and stalling of SARFAESI possession measures until compliance with the fixed pre-deposit schedule.

Mrs Pratiksha Chandrakant Pawar versus Nkgsb Cooperative Bank… — Banking and Recovery | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No.598/2023(WoD)

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Appeal on Dairy No.1531/2023 Between Pratiksha Chandrakant Pawar & Anr. … Appellant/s V/s. NKGSB Co-Operative Bank Ltd & Anr. …Respondent/s Mr. V.N.Ajikumar, Advocate for Appellant.

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Ms. Dimple Tejani, i/b M/s. M & S Legal Ventures, Advocate for Respondent.

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-: Order dated: 01/09/2023:-

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The matter is taken up for hearing by way of a praecipe filed by the Appellant for seeking urgent relief.

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The Appellants are in appeal impugning the order dated 17.04.2023 in I.A. No. 1184/2023 in S.A. No. 103/2022 on the files of Debts Recovery Tribunal – III, Mumbai (D.R.T).

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The Appellants had made availed loans by mortgaging four flats and on payment of some amount two of the flats were released from the mortgage payment of ₹ 70,00,000/- and there are two flats which now remain as mortgage properties. There is yet another flat the title deed which remains with the bank and is considered as security for the purpose of debts due to the bank. The Appellants are facing dispossession of the properties on 05.09.2023, hence this

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urgency.

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The demand notice dated 30.07.2021 u/s. 13 (2) of the SARFAESI Act demands a sum of ₹ 35,50,504. Subsequently, the Appellants have paid ₹ 10,00,000/- to the Respondent bank on 05.08.2022. However, the subsequent interest has also added up and according to the Ld. Counsel appearing for the Respondent Bank the outstanding amount now is around ₹ 36,00,000/-. The Appellants are depositing a sum of ₹ 3,00,000/- today by way of demand draft.

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Considering the entire facts and circumstances of this case. I determine that the amount payable as pre-deposit should be ₹ 15,00,000/-. Since ₹ 3,00,000/- is being produced today by way of a demand draft, the balance of ₹ 12,00,000/- shall be paid in two equal instalments of ₹ 6,00,000/- each. The 1^st instalment shall be payable within a period of three weeks from today i.e. on or before 22.09.2023 and the 2^nd instalment shall be payable within two weeks therefrom, i.e., on or before 06.10.2023. In view of the payment of ₹ 3,00,000/- today there shall be an interim stay on Flat Nos. 101, 102, A/203 being dispossessed. Further Sarfaesi measures of taking physical possession of the secured assets shall be stalled till the next date of hearing. In default of payment of the instalments, the Appeal shall stand dismissed, without any further reference to this Tribunal. 5. The amount shall be deposited in the form of a Demand Draft with the Registrar of this Tribunal.

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As and when the said amounts are deposited, they shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

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With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.

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Post on 25.09.2023 for reporting compliance regarding 1^st instalment.

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Sd/Chairperson

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rm-3

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Mrs Pratiksha Chandrakant Pawar v. Nkgsb Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

Mrs Pratiksha Chandrakant Pawar v. Nkgsb Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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