Partly allowed

Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

DRAT5 Jul 2023MISC APPEAL/6/2025

Case brief

AI extract

What is this about?

The Appellate Tribunal fixed the statutory deposit for entertaining an appeal at 25% of the residual claim amount (Rs. 1,22,05,742/-) after deducting prior deposits. The appellant was directed to pay Rs. 30,51,435/- within two weeks, with a warning of rejection on default.

What did the court decide?

Direction to deposit Rs. 30,51,435/- (25% of residual claim) within two weeks; non-compliance invites rejection of the appeal.

Mrs Selvi versus Messers Cholamandalam Investment and Finance… — Banking and Recovery | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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IA 35/2023 In A.IR:459/2022

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Mrs.Selvi.S V/S A.O.,Cholamandalam Investment And Finance Co Ltd

¶4

05/07/2023

¶5

This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal.

¶6

Heard both sides.

¶7

Amount demanded through Demand Notice dated 17.08.2021, issued under Section 13(2) of SARFAESI Act, 2002, is Rs.1,59,55,741.82, (which is rounded off to Rs.1,59,55,742/-).

¶8

Advocate for Petitioner/Appellant submitted that Petitioner has preferred this Appeal against an Interim Order in IA 104/2022 in SA 29/2022 dated 9.11.2021 passed by Tribunal below, wherein Petitioner was directed to deposit a sum of Rs.75 Lakhs, in two equal instalments. He submitted, subsequent to Demand Notice, a sum of Rs.37.50 Laksh is deposited in December, 2022, and considering this aspect, statutory deposit may be reduced to 25%, for entertaining the Appeal.

¶9

Advocate for Financial Institution confirmed the deposit made by Petitioner.

¶10

I have perused material papers.

¶11

Admittedly, amount claimed under Section 13(2) Notice is Rs.1,59,55,742/-. If the amount of Rs.37.50 Lakhs deposed by Petitioner after 13(2) Notice, is deducted from out of said Notice amount, the amount would come down to Rs.1,22,05,742/, and as Appeal is against an Interim Order, I am of the view that directing Petitioner to deposit 25% of Rs.1,22,05,742/-, would meet requirement under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.

¶12

For the above reasons, Petitioner/Appellant shall deposit 25% of Rs.1,22,05,742/-, which comes to Rs.30,51,435.50p (rounded off to Rs. 30,51,435/-), within a period of two weeks from today i.e., on or before 19.07.2023.

¶13

It is made clear that failure to deposit of above amount, the Appeal shall stand rejected. On making such deposit by Petitioner/Appellant, Registrar is to invest the same in a Nationalized Bank, from time to time, till further orders are passed.

¶14

Post the case on 20.07.2023, for compliance of payment.

¶15

Sd/-

¶16

Chairperson

Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

Mrs Selvi v. Messers Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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