James C J v. Hdb Financial Services Ltd.
Case brief
What is this about?
This interim order addresses an application seeking waiver or reduction of the statutory deposit under Section 18(1) of the SARFAESI Act, 2002, for filing an appeal against an interim dismissal of a stay application. The Tribunal directed the appellants to deposit 25% of the outstanding dues after deducting prior payments.
What did the court decide?
Petitioners/Appellants directed to deposit Rs. 72,70,704/- (25% of reduced balance) within two weeks to proceed with the appeal.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 147/2023 In A.IR:165/2023
James C J & Anr V/S Hdb Fiancial Srevices Ltd & Anr
05/07/2023
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal.
Heard both sides.
Amount demanded through Demand Notice dated 29.09.2020, issued under Section 13(2) of SARFAESI Act, 2002, is Rs.3,15,82,863.54p, (which is rounded off to Rs.3,15,82,864/-).
Advocate for Petitioners/Appellants submitted that Petitioners have preferred this Appeal against an Interim Order i.e. dismissal of Stay Application by Tribunal below. He submitted, subsequent to Demand Notice, a sum of Rs.25,00,048/- is deposited and considering these aspects, statutory deposit may be reduced to 25%, for entertaining the Appeal.
On the other hand, Advocate for Financial Institution opposed the Application, and submitted that Petitioners/Appellants have to deposit 50% of outstanding dues, for entertaining the Appeal.
I have perused material papers.
Issues for consideration
1 issue framed by the court
Whether the statutory deposit required under Section 18(1) of the SARFAESI Act should be calculated on the total claimed amount or reduced by the deposited amount prior to the demand notice.
Parties & counsel
- appellant
James C J & Anr
- respondent
Hdb Fiancial Srevices Ltd & Anr
Coram
Chairperson
Case details
As recorded by the court registry
All orders in this case
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