Joy Paul v. South Indian Bank and Another
Case brief
What is this about?
The Tribunal considered an application for waiver of the statutory deposit under the SARFAESI Act. It accepted the appellant's submission to reduce the deposit to 25% of the claimed amount since the appeal was against an interim order.
What did the court decide?
The appellant is directed to deposit Rs.59,43,691/- within two weeks to entertain the appeal and failing which the appeal shall stand rejected.
What the court decided
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 454/2023 in
A.IR:1095/2023
Joy Paul V/S South Indian Bank &Anr
26/12/2023
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.
Heard both sides.
Advocate for Petitioner/Appellant submitted that as per the Counter filed by Bank, outstanding due as on 20.10.2022 is Rs.2,37,74,763.62p. He submitted that as the Appeal is against an Interim Order, Petitioner/Appellant may be permitted to deposit 25% of above claimed amount, for entertaining the Appeal.
Considering the submissions of Advocate for Petitioner/ Appellant and the reasons stated in the Affidavit filed in support of Petition, and as the Appeal is against an Interim Order, request for reducing the statutory deposit to 25% to the claim of Bank indicated in the Counter, is accepted, for entertaining the Appeal.
Admittedly, amount claimed by Bank in the Counter is Rs.2,37,74,763.62p (rounded off to Rs.2,37,74,764/-) and 25% of it, will come to Rs.59,43,691/-.
Issues for consideration
2 issues framed by the court
Whether the statutory deposit for entertaining the appeal under Section 18(1) of the SARFAESI Act can be reduced to 25% considering the appeal is against an interim order
Whether the appellant must deposit Rs.59,43,691/- within two weeks failing which the appeal shall stand rejected
Parties & counsel
- appellant
Joy Paul
- respondent
South Indian Bank
Coram
Chairperson
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · December
- CNR
- 331090010952023
- Topic
- Banking and Recovery
All orders in this case
9 orders share this CNR
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