Minor Sanjeeth v. Idbi Bank Ltd.
Case brief
What is this about?
Order regarding waiver of statutory deposit for appeals under SARFAESI Act. Court rejected request to reduce deposit from 50%, citing a Supreme Court judgment that sale proceeds cannot be considered when sale is under challenge. Required 50% deposit or appeals rejected.
What did the court decide?
Directed petitioner to deposit 50% of Rs. 4,12,86,939/- within two weeks; failure to deposit would result in rejection of appeals.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 507/2022
in A.IR:358/2022
Minor Sanjeeth V/S Idbi Bank Ltd &Ors
05/09/2023
These Applications are filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeals.
All the three Appeals are connected among same parties and arising out of a Common Order. It is represented that deposit in one Application would meet the requirements of other two Appeals also.
Main SAs are filed challenging the E-auction Sale Notice dated 19.06.2020 and Sale held on 08.07.2020.
Heard both sides.
Advocate for Petitioner/Appellant submitted, amount demanded as per Demand Notice dated 18.02.2016, is Rs.4,12,86,938.80p. It is submitted that the property is already sold and Bank has realized total amount, considering the same, statutory deposit may be reduced to 25%, for entertaining the Appeals.
Issues for consideration
2 issues framed by the court
Whether statutory deposit for entertaining appeals under Section 18(1) of SARFAESI Act can be reduced considering the auction sale has been conducted.
Whether sale proceeds can be taken into consideration for calculating the statutory deposit when the sale is under challenge.
Parties & counsel
- petitioner
Minor Sanjeeth
- respondent
Idbi Bank Ltd
Coram
Chair Person
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · September
- CNR
- 331090003582022
- Topic
- Banking and Recovery
All orders in this case
19 orders share this CNR
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