Mayank Anand v. Indian Bank

Appeal Dy. No. 70/2023 Date: 27.02.2023

Mayank Anand Vs. Indian Bank

Present: Shri Abhishek Khare, counsel for the appellant,

Heard the learned counsel for the appellant.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 11.11.2022 passed by the DRT, Dehradun in S.A. No. 86 of 2022, whereby the appellant-Borrower has been restrained from interfering with the possession of the auction purchaser. The report of the Registrar dated 14.02.2023 shows that the waiver application being I.A. No. 81/2023 is pending consideration and no pre-deposit has been made.

In the present case, the appellant has not deposited any amount towards pre-deposit, whereas the second proviso of aforesaid section says that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal 50% of the amount of debt due from him, as claimed by the secured creditor or determined by the Debt Recovery Tribunal, whichever is less. Further, the third proviso of the said section says that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount not less than 25% of the debt referred to in the second proviso. As such, this Tribunal has no power to reduce the amount below to 25% of the amount due. Therefore, the appellant is directed to deposit minimum 25% of the amount due, which is mandatory in nature, for entertaining the appeal. If the appellant does not deposit the said amount prior to the next date fixed, the appeal shall stand dismissed as not entertainable for want of mandatory pre-deposit without further reference to this court. If the said amount is deposited by the appellant within the period as stipulated above, list this case on 11.05.2023 for hearing on waiver of the rest 25% of the amount due.