Mr. Hashmukhbhai Vashrambhai v. India Resurgence Arc Private Limited
Case brief
What is this about?
In this interim application under SA No. 701/2023, the Appellant sought waiver of deposit to stay SARFAESI measures. The Tribunal rejected the plea due to lack of earnest settlement efforts and unproven financial claims, directing a deposit of ₹30,00,000/- within two weeks.
What did the court decide?
Direction to Appellants to deposit ₹30,00,000/- within two weeks to obtain stay of SARFAESI measures.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 303/2023 (WoD)
In
Appeal on Diary No. 701/2023
Between
Hashmukhbhai Vashrambhai & Ors.
… Appellant/s
V/s.
India Resurgence ARC Pvt. Ltd.
…Respondent/s
Mr. Jamshed Ansari, Advocate for Appellants.
Mr. Rajesh Nagory, along wih Mr. Vinay Deshpande and Mr. Nikhil Rajan and Mr. Rupak Sawangikar, i/b M/s. V. Deshpande & Co., Advocate for Respondent.
Issues for consideration
2 issues framed by the court
Whether the appellant is entitled to a waiver of deposit for staying SARFAESI measures despite failure to make earnest attempts to settle the debt.
Whether the appellant has successfully demonstrated inability to pay the required deposit due to financial strain.
Parties & counsel
- appellant
Hashmukhbhai Vashrambhai & Ors.
- respondent
India Resurgence ARC Pvt. Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 — this page · Ashok Menon
- Order 2 · Ashok Menon
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