Disposal of an interim application seeking waiver of the mandatory pre-deposit for an appeal against SARFAESI measures. The Tribunal directed the appellant to deposit 25% of the dues.
Appellant directed to deposit Rs. 1.25 lakhs as pre-deposit within two weeks; on deposit, SARFAESI measures to stand stalled.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No.92/2023(WoD)
In Appeal on Dairy No. 155/2023 Between
Rajendra C Tiwari … Appellant/s V/s.
State Bank Of India & Ors. …Respondent/s Faizeen Shah, i/b Mr. Sohel Kazi, Advocate for Appellant. D.M. Barhate, Advocate for Respondents.
-: Order dated: 24/08/2023:-
The Appellant is in appeal impugning the order dated 16.12.2022 in Securitisation Application (S.A.) No. 39/2022 on the files of Debts Recovery Tribunal, Aurangabad, (D.R.T) whereby the Ld. Presiding Officer dismissed the S.A. for reasons stated in the order. The Appellant is aggrieved and hence in appeal. The Respondent bank has appeared and a reply to the appeal has been filed. This is an application filed for a waiver of the mandatory pre-deposit under Sec. 18(1) of the Securitisation & Reconstruction Of Financial Assets& Enforcement of Security Interest Act, 2002(‘SARFAESI Act’, for short)
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there is an outstanding dues of ₹ 2.5 lakhs payable by the Appellant. The Appellant has not raised any other ground in support of this contentions to get the mandatory pre-deposit reduced to a minimum of 25% and hence, the Appellant is directed to deposit ₹ 1.25 lakhs as pre-deposit within a period of two weeks, i.e., on or before 07.09.2023. On deposit of the amount, the further Sarfaesi measures shall stand stalled. In default, the Appeal shall stand dismissed, without any further reference to this Tribunal.
Post on 08.09.2023 for reporting compliance concerning the payment.
Sd/Chairperson
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1 issue framed by the court
Whether to relieve the appellant of the mandatory 50% pre-deposit requirement under the SARFAESI Act and allow a reduced pre-deposit.
1 provisions across 1 enactments
Rajendra C Tiwari
State Bank Of India
Ashok Menon
As recorded by the court registry
5 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
