M/ S Maruti Steel Tubes v. Indian Bank and Ors.

Appeal Dy. No. 570/2022

M/s Maruti Steel Tubes & Ors. Vs. Indian Bank & Ors.

Appeal Dy. No. 569/2022

Maruti Steel Ltd. & Ors. Vs. Indian Bank & Ors.

Present: Shri V. K. Shukla, counsel for the appellants, Shri Sandeep Arora, counsel for the respondent-Bank, None for the other respondents,

ORDER

(Date of Pronouncement : 14.02.2023)

The applications for waiver were heard and reserved vide order dated 07.12.2022 of this Tribunal.

These two applications for waiver filed in the above mentioned appeals are being decided by this common order, as both the appeals have been filed against the same order.

The essential facts taken from Appeal Dy. No. 570/2022 are that the respondent-Bank sanctioned a term loan of Rs. 3.52 crores and cash credit limit of Rs. 6.00 crores to the appellants. The appellants-borrowers did not repay the loan in terms of the agreement, therefore,, the respondent-Bank classified the accounts as NPA and the demand notice dated 09.05.2016 was issued under section 13(2) of the SARFAESI Act demanding a sum of Rs. 16,61,18,736.57, copy of which has been appended at page no. 199 of the paper book. Upon failure to deposit the amount, the possession notice under section 13(4) of the SARFAESI Act, 2002 was issued and published by the Bank in the newspapers on