Mrs Seema Ayaz Maniyar v. Axis Bank
Case brief
What is this about?
In an appeal under SARFAESI applying for waiver of predeposit, the DRAT Mumbai allowed the application for amendment to challenge auction sale, relying on prima facie case. Predeposit was fixed at ₹60 lakhs instead of demanded amount, allowing payment in installments to stay sale proceedings.
What did the court decide?
Direction to deposit ₹60 lakhs in two installments to stay further proceedings under SARFAESI Act.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 367/2023 (WoD) In Appeal on Diary No. 745/2023
Between
Seema Ayaz Maniyar … Appellant/s V/s.
Axis Bank Ltd & Ors. …Respondent/s
Mr Gaurang Kinkhabwala along with Mr Puneet Gagad, i/b Mr Kushal Sawant, Advocate for Appellant.
Mr Alok D. Mishra, Advocate for Respondent No. 1 & 2.
Mr Herbert Naronha, Advocate for Respondent No. 6 & 7.
-: Order dated: 16/06/2023:-
This is an application filed under Sec. 18(1) of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002(“SARFAESI Act” for short) for waiver of predeposit or in the alternative to reduce the pre-deposit to a minimum of 25% of the demanded amount. The appeal is directed against the order of the Ld. Presiding Officer dated 18.11.2022 in I.A. No. 1348/2022 in Securitisation Application (S.A.) No. 64/2022 on the files of the Debts Recovery Tribunal No.-II, Mumbai (D.R.T.).
- The aforesaid I.A. No. 1348/2022 was filed by the Appellant seeking to amend the S.A. which was filed challenging the Sarfaesi measures initiated by the first Respondent Bank against the Appellant. The Ld. Presiding Officer found that incorporating by
Issues for consideration
2 issues framed by the court
Whether sec. 18(1) predeposit requirements warrant relaxation for the appellant.
Whether the extent of predeposit be reduced below the statutory 50% due to financial constraints.
Parties & counsel
- appellant
Seema Ayaz Maniyar
- respondent
Axis Bank Ltd
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
5 orders share this CNR
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