Disposed

V Shareef v. State Bank of India

DRAT8 May 2023MISC APPEAL/15/2023

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal at Chennai, on appeal against an interim order, allowed the reduction of the statutory pre-deposit from 50% to 25% for entertainable the appeal, noting that the appellants had already deposited the requisite 25% amount as per High Court directions.

What did the court decide?

Reduction of statutory pre-deposit requirement from 50% to 25% for the registration and entertaining of the appeal.

V Shareef versus State Bank of India — Banking and Recovery | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

¶2

IA 113/2022 in A.IR:80/2022

¶3

V.Shareef & Anr V/S A.O.,State Bank Of India

¶4

08/05/2023

¶5

Heard both sides.

¶6

Advocate for appellants submitted that this Tribunal directed appellants to pay Rs.9,01,51,596/- in two equal instalments and the said order was challenged before Hon’ble High Court of Kerala in OP (DRT) No.283/2022 and said OP (DRT) is disposed of on 11.4.2023 by Hon’ble High Court of Kerala stating that DRAT shall consider the question whether pre-deposit of 25% of debt due is justified in this case. It is submitted that appeal is against an interim order in IA 426/2022 in SA 47/2019 dated 30.3.2022 on the file of DRT-I, Ernakulam, all facts are narrated in the additional affidavit filed on 4.5.2023. It is submitted that considering the same, statutory deposit may be reduced to 25% and appeal be entertained.

¶7

Advocate for respondent bank submitted that he will leave the matter to the discretion of this Tribunal.

¶8

I have perused additional affidavit filed on 4.5.2023 and order of Hon’ble High Court of Kerala dated 11.4.2023. As per Office endorsement, appellants deposited Rs.3.00 crores by way of Demand Draft along with affidavit on 13.7.2022 in compliance of order of Hon’ble High Court of Kerala dated 17.6.2022. It is also clear from Office note that appellants deposited a sum of Rs.1,50,75,798/- through Demand Draft dated 17.4.2023 on 20.4.2023, as per orders of Hon’ble High Court of Kerala dated 11.4.2023. These two amounts represent 25% of amount outstanding as per demand of respondent bank.

¶9

Considering submissions of both sides and order of Hon’ble High Court of Kerala and the fact that appeal is against an interim order, I am in agreement with the submissions of Ld. Counsel for appellants that statutory deposit can be reduced from 50% to 25%.

¶10

As appellants have already deposited the amount representing 25%, Office to register the Appeal if it is otherwise in order.

¶11

Application is disposed of accordingly.

¶12

Sd/Chair Person

V Shareef v. State Bank of India

Case brief

What is this about?

What did the court decide?

V Shareef v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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