Ms S S Trade Link v. Hdfc Bank
Case brief
What is this about?
The Appellate Tribunal dismissed the appellant's application for waiver of pre-deposit. Citing Supreme Court and High Court precedents, the Court held that Section 18 of the SARFAESI Act imposes a mandatory pre-deposit requirement even for interlocutory appeals, distinguishing no difference between final and interim orders.
What did the court decide?
Application I.A. 446 of 2022 dismissed; appellant ordered to make pre-deposit of 50% of Rs. 2,19,04,067.62 within six weeks.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 146 of 2022
(Arising out of I.A. 1114 of 2021 in S.A. 303 of 2018 in Debts Recovery Tribunal-II, Kolkata)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
| 14.02.2023 | M/s. S.S. Trade Link & Another … Appellants -Vs- HDFC Bank Limited & 3 Others … Respondents |
|---|---|
| Mr. Sanjib Kuma Mukhopadhyay, Learned Counsel for the Appellants |
|
| Mr. Samik Basu, Learned Counsel for Respondents No. 1, 2 and 3/Bank |
THE APPELLATE TRIBUNAL :
I.A. 446 of 2022
This is an application filed by Appellant praying waiver from making pre deposit as demanded under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. 2. Heard the Learned Counsel for the parties and perused the record. Instant appeal has been preferred by the Appellant against an order passed by the Learned Debts Recovery Tribunal-II, Kolkata dismissing I.A. 1114 of 2021. I.A. 1114 of 2021 was filed for amendment of SARFAESI Application.
3. Appeal is filed under Section 18 of the SARFAESI Act. In support of the waiver application Learned Counsel for Appellant submits that the instant appeal is filed against an interim order which did not require any pre deposit. Since Applicant has deposited the requisite Court fee, accordingly, Applicant be granted waiver from making the pre deposit.
Issues for consideration
3 issues framed by the court
Whether a pre-deposit under Section 18 of the SARFAESI Act is mandatory for appeals against interlocutory orders under Section 17.
Whether the Debts Recovery Tribunal has the power to grant a waiver from the pre-deposit requirement for an appeal against an interim order.
Whether any distinction exists between final and interlocutory orders regarding the mandate of pre-deposit under Section 18 of the SARFAESI Act.
Parties & counsel
- appellant
M/s. S.S. Trade Link & Another
- respondent
HDFC Bank Limited
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · February
- CNR
- 191090001462022
- Topic
- Banking and Recovery
All orders in this case
8 orders share this CNR
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