Messers S R Contruction v. State Bank of India
Case brief
What is this about?
The tribunal allowed an application condoning appeal delay citing pandemic circumstances. It disposed of an application for pre-deposit waiver under the RDB Act, holding that sale proceeds cannot be utilized for the deposit if the sale is challenged, relying on SARFAESI Act provisions and Supreme Court precedents.
What did the court decide?
Application for condonation of delay allowed; application for waiver of pre-deposit disposed of without granting waiver.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 175 of 2022
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
10.07.2023 M/s. S.R. Construction … Appellant -VsState Bank of India … Respondent Mr. Arun Kumar Saha, Learned Counsel for the Appellant Mr. Pankaj Kumar Mukherjee, Learned Counsel for the Respondent
THE APPELLATE TRIBUNAL :
I.A. 129 of 2023
Application for condonation of delay in filing the appeal. Appellant states that due to Covid-19 pandemic the appeal could not be filed within the limitation period. Reliance is placed on a judgment of the Hon’ble Apex Court in Misc. Appeal No. 665 of 2021 in SMW(C) No. 3 of 2020 dated 10th January, 2022 wherein the The Hon’ble Apex Court has held in para 5 (1) as under :
“The order dated 23rd March, 2020 is restored and in continuation of the subsequent orders dated 8th March, 2021, 27th April, 2021 and 23rd September, 2021,m, it is directed that the period from 15th March, 2020 till 28th February, 2022 shall stand excluded for the purpose of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi-judicial proceedings.”
Issues for consideration
3 issues framed by the court
Whether delay in filing appeal due to pandemic warrants condonation.
Whether sale proceeds of secured assets can be used for pre-deposit waiver under Section 18 of SARFAESI Act.
Whether DRAT has power to grant full waiver of deposit when sale is challenged.
Parties & counsel
- appellant
M/s. S.R. Construction
- respondent
State Bank of India
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · July
- CNR
- 191090001752022
- Topic
- Banking and Recovery
All orders in this case
12 orders share this CNR
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