Allowed
Ramsankar P v. Son of P R Vijayakumar v South Indian Bank
DRATMISC APPEAL/3/2024
Case brief
AI extract
What is this about?
This application sought a waiver of the statutory deposit under Section 18(1) of the SARFAESI Act, 2002. The court held that since the appeal was against an interim order, a 25% deposit was sufficient to meet the statutory requirement instead of the full amount.
What did the court decide?
Allowed the urgent application for hearing and directed the appellant to deposit 25% of the demanded amount (Rs. 10,62,600/-).