K Kanaka Raju v. Chaitanya Godavari Grameena Bank
Case brief
What is this about?
The Tribunal condoned delay in filing the appeal and dismissed the prayer for waiver of pre-deposit. It held that the appellant must deposit 50% of the debt due, rejecting the plea that sale proceeds should adjust the deposit.
What did the court decide?
IA 324 dismissed; appellant directed to make pre-deposit of approx Rs. 18 lac within six weeks or face dismissal of appeal.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 481 of 2022
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
03.03.2023 K. Kanaka Raju … Appellant -VsThe Authorised Officer, Chaitanya Godavari Grameena Bank & 2 Others … Respondents
Ms. M.V.V. Lakshmi, Learned Counsel for Appellant
Mr. Pratik Gorai, Learned Counsel for Respondent Bank
THE APPELLATE TRIBUNAL :
I.A. 323 of 2022
In this application Appellants have prayed for condonation of delay in filing the appeal.
The impugned order was passed on 30th June, 2022 while the appeal was filed on 7th September, 2022. Learned Counsel for the Appellant submits that after receiving the copy of the impugned order on 27th July, 2022, the appeal was filed. The delay caused in filing the appeal was not intentional.
Learned Counsel for the Respondent, however, opposed by stating that no good ground has been taken for condoning the delay.
Issues for consideration
3 issues framed by the court
Whether pre-deposit can be waived under Section 18(1) of the SARFAESI Act where bank has already sold secured assets and recovered the amount.
Whether the appellant is entitled to use sale proceeds from challenged assets as credit for pre-deposit while simultaneously challenging the sale.
Whether grounds for condoning delay in filing appeal are sufficient under procedural laws.
Parties & counsel
- appellant
K. Kanaka Raju
- respondent
The Authorised Officer, Chaitanya Godavari Grameena Bank
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · March
- CNR
- 191090004812022
- Topic
- Banking and Recovery
All orders in this case
6 orders share this CNR
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