Mr K Ramasamy v. Ao,Arcil
Case brief
What is this about?
Appellant sought waiver of statutory deposit for appeals under SARFAESI Act. Bench held deposit must be 50% of the Sale Notice amount (Rs. 19,91,79,049/-) less amount paid against pending OA (Rs. 47.80 lakhs), totaling approx Rs. 9.72 crores.
What did the court decide?
Deposits Rs. 9,71,99,524/- within two weeks; failing which, appeals rejected.
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.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 542/2021
in
A.IR:154/2021
K.Ramasamy V/S Ao, Arcil&Ors
08/09/2023
These two applications are filed seeking waiver of statutory deposit required under Section 18 of SARFAESI Act, for entertaining the Appeals.
It is represented that AIR (SA) 154/2021 is preferred challenging the Sale Notice dated 15.2.2020 in SA 233/2020 and AIR(SA) 156/2021 is preferred challenging Auction conducted on 5.3.2020 in SA 150/2020, before DRT, Coimbatore.
Advocate for petitioner/appellant submitted that amount claimed under Section 13(2) Notice is Rs.3,39,32,025.3p as on 19.4.2007 and amount claimed in Sale Notice is Rs.19,91,79,049/- as on 31.12.2019.
It is submitted that OA is filed for recovery of amount and in the OA a sum of Rs,47,80,000/- was paid and the said OA is still pending and appellant is contesting the same. It is submitted that against dismissal of Securitization Applications, these appeals are filed and considering the same, appellant may be permitted to deposit 25% of 13(2) notice amount towards statutory deposit.
Issues for consideration
3 issues framed by the court
Whether the statutory deposit under Section 18 of the SARFAESI Act should be calculated based on the 13(2) notice amount or the Sale Notice amount.
Whether the amount paid against a pending Original Application (OA) can be deducted from the Sale Notice amount to determine the deposit liability for both appeals.
Whether a single deposit suffices for appeals filed against the same subject matter and between the same parties before the DRT.
Parties & counsel
- appellant
K. Ramasamy
- respondent
Ao, Arcil & Ors
Coram
Chairperson
Case details
As recorded by the court registry
All orders in this case
17 orders share this CNR
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