Kiran Jose v. South Indian Bank

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

IA 124/2023 In A.IR:2/2023

Kiran Jose & Ors V/S The South Indian Bank Ltd & Anr

12/06/2023

This Application is filed seeking waiver of statutory deposit under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.

Advocate for Petitioners/Appellants submitted that Bank demanded Rs.1,48,00,258.52p, through Notice issued under Section 13(2) of SARFAESI Act, 2002, dated 11.11.2021. Subsequent to it, a sum of Rs.4 Lakhs is paid in the month of February, 2022, and thereafter, Bank issued Notice under Section 13(4) of SARFAESI Act, 2002, demanding Rs.1,44,12,258.52p. It is submitted, Appeal is preferred against an Interim Order, and main plea of Petitioners/Appellants is that it is an agriculture land, and SARFAESI Act, 2002, cannot be invoked.

Advocate for Bank submitted that demand is of the year 2021, and now, the liability is more than what is indicated in Notice issued under Section 13(4) of SARFAESI Act, 2002.

Considering submissions of both sides, without going into merits and demerits of the case, I am of the view that directing Petitioners/Appellants to deposit 25% of amount demanded in Possession Notice issued under Section 13(4) of SARFAESI Act, 2002, would meet requirement under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.