Allowed
Ms Amogh Spin Weaves Pvt. Ltd. v. Indian Bank
DRATMISC APPEAL/20/2023
Case brief
AI extract
What is this about?
The Debt Recovery Appellate Tribunal, Chennai, allowed an urgent application to take up an appeal against an interim order. The court held that for calculating the statutory deposit under Section 18 of the SARFAESI Act, the demand amount under the Section 13(2) Notice should be considered instead of the interim order amount. Appellants were directed to deposit 25% of the notice amount.
What did the court decide?
Appellants directed to deposit Rs. 1,34,32,692/- (25% of Section 13(2) Notice amount) within two weeks; otherwise appeal rejected.