Ms Mondal Traders and Ors. v. Indian Bank
Case brief
What is this about?
Appeal against DRT order challenged sale of secured assets. DRAT held no jurisdiction to waive pre-deposit or use sale proceeds as credit where sale is contested. Directs 50% deposit of due amount.
What did the court decide?
Application for waiver dismissed. Appellant directed to deposit 50% of Rs.1.60 crore.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 159 of 2022
(Arising out of S.A. 253 of 2018 in DRT-I, Kolkata)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
15.03.2023 M/s. Mondal Traders & 2 Others … Appellants -VsIndian Bank … Respondent Mr. Gaurav Singh, Learned Counsel for the Appellants
Mr. Rudra Jyoti Bhattacharya with Ms. Debjani Ghoshal, Learned Counsel for Respondent
THE APPELLATE TRIBUNAL :
I.A. 103 of 2022
Application for waiver from making pre deposit.
Learned Counsel submits that the secured assets have been sold by the Bank as per notice under Section 13 (2) of the SARFAESI Act 2002 and an amount of Rs.1,04,65,218.00 was shown as due as on 6th September, 2018. Property was sold, sale proceeds have been received by the Respondent Bank. Accordingly benefit may be granted in favour of the Appellant. Learned Counsel further subm,its that Appellant may be permitted to deposit 25% of the amount due as pre deposit in place of 50%.
Issues for consideration
2 issues framed by the court
Whether the DRAT has jurisdiction to grant full waiver of pre-deposit when secured assets have been sold and the sale is being challenged.
Whether a borrower can use sale proceeds of secured assets as credit to fulfill pre-deposit conditions while challenging the auction sale.
Parties & counsel
- appellant
Mondal Traders & 2 Others
- respondent
Indian Bank
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
All orders in this case
9 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court