Appeal against DRT order declining interim stay SARFAESI measures. Court mandated pre-deposit of ₹3.5 Crores pursuant to S. 18(1) SARFAESI Act to entertain appeal, specifying instalment schedule and investment terms.
Directs pre-deposit of ₹3.5 Crores; stay of SARFAESI measures till next hearing upon payment of first instalment.
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. 776/2023 (WoD)
In Appeal on Diary No. 2130/2023
Between
Sandip Narendrakumar Patel & Ors. … Appellant/s V/s. Authorized Officer, …Respondent/s Axis Bank Ltd.
An Advocate for the Appellant is present. Sejal Tambe, i/b Mr. Alok Mishra, Advocate for Respondent.
The matter is taken up for hearing by way of a praecipe filed by the Appellants for seeking urgent relief.
The Appellants are in appeal impugning the order dated 18.11.2023 in Securitization Application (S.A.) No. 148/2023 on the files of the Debts Recovery Tribunal-I, Ahmedabad (D.R.T.) whereby the Ld. Presiding Officer declined to take up the hearing of the interlocutory application for granting protection from the Sarfaesi measures initiated against the Appellants by the Respondent bank. It is submitted that the secured assets are intended to be taken u/s 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short) on 03.12.2023. The Ld. Presiding Officer did not pass any order and the matter was adjourned for hearing to 02.12.2023 and the Appellants apprehended that he would be dispossessed of the
1
property on the very next date.
| Numbers of Instalments 1stInstalment of₹1,00,00,000/- |
Payment on or before 22.12.2023 |
|---|---|
| 2ndInstalment of₹1,00,00,000/- | 12.01.2024 |
| 3ndInstalment of₹1,00,00,000/- | 02.02.2024 |
2
Post on 04.12.2023 for reporting compliance.
psa-01 (SB)
3
2 issues framed by the court
Whether the appellants are required to make a pre-deposit of ₹3.5 Crores to entertain the appeal against SARFAESI measures.
Whether the threshold for pre-deposit is the amount in the demand notice despite partial payment by the appellants.
2 provisions across 1 enactments
Sandip Narendrakumar Patel & Ors.
Axis 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
