Partly allowed

Medicina Unani Hospital Pvt. Ltd. v. South Indian Bank

DRAT25 Sept 2023

Case brief

AI extract

What is this about?

This single-judge order deals with the application for waiver of statutory deposit under Section 18(1) of the SARFAESI Act for an appeal against an interlocutory possession notice. The court held that the amount in the possession notice must be considered, deducting previous deposits. The appellant was directed to deposit 25% of the outstanding amount.

What did the court decide?

Petitioner/Appellant permitted to deposit 25% of the outstanding amount (Rs. 72,10,370) within two weeks.

Medicina Unani Hospital Pvt. Ltd. versus South Indian Bank — Insurance | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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IA 343/2023 in

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A.IR:1039/2023

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Medicina Unani Hospital Pvt Ltd V/S South Indian Bank Ltd

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25/09/2023

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

¶7

Heard both sides.

¶8

Advocate for Petitioner/Appellant submitted that the amount demanded through Possession Notice dated 24.09.2021 is Rs.3,48,41,477.82p. He submitted, as per the directions of Hon’ble High Court of Kerala, a sum of Rs.60 Lakhs is deposited with Bank on various dates, subsequent to Possession Notice, from February, 2022 to June, 2022; after deducting said amount, according to Advocate for Petitioner/Appellant, the debt due would come down to Rs.2,88,41,477.82p (rounded off to Rs.2,88,41,478/-). He submitted that this Appeal is preferred against an Interlocutory Order, considering the same, statutory deposit may be reduced.

¶9

On the other hand, Advocate for Respondent Bank opposed and submitted that, outstanding as on 01.09.2023, is Rs.3,56,12,868,14p.

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I have perused material papers.

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Considering the submissions of both sides, the amount demanded in Possession Notice is to be taken into consideration for the purpose of statutory deposit, and out of which, amount of Rs.60 Lakhs, already deposited, has to be deducted. Even according to Advocate for Petitioner/Appellant, after deduction of Rs.60 Lakhs, outstanding is Rs.2,88,41,478/-. Since, the Appeal is against an Interlocutory Order, Petitioner/Appellant is permitted to deposit 25% of said amount, for entertaining the Appeal.

¶12

For the above reasons, Petitioner/Appellant shall deposit 25% of Rs.2,88,41,478/-, which comes to Rs.72,10,369.50p (Rounded off to Rs.72,10,370/), within a period of two weeks from today i.e., on or before 09.10.2023.

¶13

It is made clear that failure to deposit of above amount, the Appeal shall stand rejected. On making such deposit by Petitioner/Appellant, Registrar is to invest the same in a Nationalized Bank, from time to time till further orders are passed.

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Post the case on 10.10.2023, for compliance of payment.

¶15

Sd/-

¶16

Chairperson

Medicina Unani Hospital Pvt. Ltd. v. South Indian Bank

Case brief

What is this about?

What did the court decide?

Medicina Unani Hospital Pvt. Ltd. v. South Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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