Allowed

Platinum Trade Centre v. Hdb Financial Services Ltd.

DRAT29 Mar 2023MISC APPEAL/13/2023

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal allowed an application for advance hearing by directing the appellant to deposit 25% of the secured assets amount, i.e., Rs.35,80,274, within two weeks under Section 18 of SARFAESI Act to entertain the appeal against an interim order. Failure to comply would result in rejection of the appeal.

What did the court decide?

Directing the appellant to deposit Rs.35,80,274 within two weeks under Section 18 of SARFAESI Act, failing which the appeal shall stand rejected.

Platinum Trade Centre versus Hdb Financial Services Ltd. — Banking and Recovery | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

¶2

IA 136/2022 In A.IR:16/2022

¶3

Platinum Trade Centre & Ors V/S Hdb Financial Services Ltd

¶4

29/03/2023

¶5

This application is filed to advance hearing of IA 45/2022 (Waiver) from 5.4.2023 to this date. Other side has no objection. Hence this application is allowed.

¶6

IA 45/2022 (Waiver)

¶7

IA 136/2022 (Advance hearing) is allowed and this petition is taken up for hearing.

¶8

This application is filed seeking waiver of statutory deposit under Section 18 of SARFAESI Act.

¶9

Advocate for appellants submitted that appellants have preferred this appeal against an interim order in IA 3196/2021 in SA No.755/2021 dated 9.12.2021 passed by Tribunal below wherein appellants were directed to deposit a sum of Rs.60.00 lakhs in two equal instalments. It is submitted that appellants have deposited first instalment in time and could not pay second instalment and now they are ready to deposit 25% of demand notice amount for entertaining the appeal.

¶10

Other side submitted that appellants are chronic defaulters and account has been declared as NPA on 3.11.2020 itself and that no money is paid by appellants to the respondent.

¶11

Considering submissions of both sides, as appeal is against an interim order, I am of the view that directing appellants to deposit 25% of demand notice amount would meet requirement under Section 18 of SARFAESI Act for entertaining the appeal.

¶12

Admittedly, amount claimed under Section 13(2) Notice is Rs.1,43,21,095.65p and 25% of it will come to Rs.35,80,273.91p.

¶13

Therefore, appellant shall deposit Rs.35,80,273.91p, rounded off to Rs.35,80,274/within two weeks from today i.e., on or before 13.4.2023 failing which appeal stands rejected.

¶14

On making such deposit, Registrar shall invest the same in a nationalized bank for a reasonable period and renew it periodically, till further orders are passed.

¶15

Post the matter on 17.4.2023 for compliance of deposit.

¶16

Sd/-

¶17

Chairperson

Platinum Trade Centre v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

Platinum Trade Centre v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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