DRAT fixed a pre-deposit of Rs. 3.5 Crores in installments for entertaining an appeal seeking protection from SARFAESI section 14 measures, directing payment to registrar in term deposits.
Allowed urgent appeal; directed deposit of Rs. 3.5 Crores in installments; granted temporary stay upon payment of first installment; invested deposits in term deposits.
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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
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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 |
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Post on 04.12.2023 for reporting compliance.
psa-01 (SB)
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3 issues framed by the court
Whether pre-deposit is required for entertaining appeal against SARFAESI measures.
Whether appellate court has power to fix pre-deposit amount in installments for urgent relief.
Whether appellant can halt enforcement measures upon partial pre-deposit compliance.
2 provisions across 1 enactments
Sandip Narendrakumar Patel & Ors.
Axis Bank Ltd.
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
