Santosh Laxman More and Anr. v. Bank of Baroda
Case brief
What is this about?
The Debt Recovery Appellate Tribunal considered two appeals challenging SARFAESI measures initiated by Bank of Baroda. The court accepted a prima facie case against certain measures but, assessing the appellants' financial strain, directed them to deposit ₹12,00,000 as mandatory pre-deposit to stay enforcement actions pending the next hearing.
What did the court decide?
Mandatory pre-deposit of ₹12,00,000 fixed per appeal; further SARFAESI measures stayed till next hearing.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 829/2023(WoD)
In
Appeal on Diary No. 1948/2023
Between
Santosh Laxman More & Anr. … Appellant/s V/s. Bank of Baroda …Respondent/s
And
I.A. No. 830/2023(WoD)
In
Appeal on Diary No. 1949/2023 Between
Santosh Laxman More & Anr. … Appellant/s V/s. Bank of Baroda …Respondent/s Mr. Sunil Humbre, i/b Mr. Veer Shitore, Advocate for Appellant. -: Common Order dated: 22/12/2023:-
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 challenging two identical orders dated 25.09.2023 in two Securitization Application (S.A.) filed by them as S.A. Nos. 62/2022 and 63/2022 before the Debts Recovery Tribunal, Pune (D.R.T).
Issues for consideration
3 issues framed by the court
Whether appellants qualify for a reduced pre-deposit waiver under financial strain despite challenges to SARFAESI measures.
Whether the demand notice complied with Section 13(3) by providing a breakup of principal and interest.
Whether the mortgage was validly created despite lack of registration of the memorandum of deposit of title deeds.
Parties & counsel
- appellant
Santosh Laxman More & Anr.
- respondent
Bank of Baroda
Coram
Ashok Menon
Case details
As recorded by the court registry
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