M/S Omker Rice Mill Mini v. Indian Bank
Case brief
What is this about?
The Debts Recovery Appellate Tribunal dismissed the appellant's application for a full waiver of the pre-deposit required under the SARFAESI Act. Relying on Supreme Court precedents, the tribunal directed a 50% deposit of Rs. 5,52,03,599.00 as per the notice.
What did the court decide?
Appellant directed to deposit 50% of the claimed amount (Rs. 5,52,03,599.00) within ten days.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Misc. Appeal Diary No. 440 of 2023
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
07.08.2023 M/s. Omkar Rice Mill (Mini) & 3 Others … Appellants -VsIndian Bank & 3 Others … Respondents Mr. Dwaipan Banerjee with Mr. Abiir Das, Learned Counsel for Appellants
Mr. Shiv Mangal Singh with Ms. Madhuparna Ghosh, Learned Counsel for Respondents No. 1 and 2/Bank
THE APPELLATE TRIBUNAL :
For Admission
I.A. 289 of 2023
This is an application under Proviso 2 of Section 18 (1) of the SARFAESI Act 2002 praying for waiver from making pre-deposit.
Heard the Learned Counsel for the parties and perused the record.
Appellant has challenged order dated 28th June, 2023 passed by the Learned DRT-II, Kolkata.
Issues for consideration
2 issues framed by the court
Whether the appellate tribunal can grant a full waiver of the mandatory pre-deposit under Section 18(1) of the SARFAESI Act.
Whether the borrower can use the sale proceeds of the challenged assets to meet the pre-deposit requirement while challenging the auction.
Parties & counsel
- appellant
M/s. Omkar Rice Mill (Mini) & 3 Others
- respondent
Indian Bank & 3 Others
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · August
- CNR
- 191090004402023
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
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