K.Ravichandran v. Indian Bank
Case brief
What is this about?
The Tribunal rejected the application for waiver of the statutory deposit required under Section 18(1) of the SARFAESI Act. It directed the appellant to deposit 50% of the demand amount as no valid grounds were made out to reduce the deposit.
What did the court decide?
Petitioner directed to deposit Rs. 9,57,263 within two weeks; failing which appeal to stand 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 241/2023 in
A.IR:360/2023
K.Ravichandran V/S Indian Bank
26/12/2023
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.
As per Affidavit of Petitioner/Appellant filed in support of Waiver Application, amount demanded through Section 13(2) Notice is, Rs.19,14,525.25p as on 25.5.2022. According to Affidavit averments, due to pandemic COVID-19 situation, Petitioner/Appellant could not repay the outstanding and that he gave a Reply on 21.06.2022 explaining the situation, requesting Respondent Bank to regularize his loan account by accepting a part payment. However, Respondent Bank did not give an opportunity to Petitioner/Appellant to regularize his account and issued Possession Notice dated 22.08.2022 demanding a sum of Rs.19,67,429.25p. For these reasons, Petitioner/Appellant prayed for waiver of statutory deposit.
Other side has not filed any Counter.
Heard advocate for Petitioner/Appellant.
Though Advocate for Petitioner/Appellant submitted that there are payments made subsequent to issuance of 13(2) Notice, nothing is whispered in the Affidavit regarding those payments nor any document is produced herein showing said payments. Therefore, amount indicted in Section 13(2) Notice has to be taken into consideration for the purpose of statutory deposit. As Petitioner/Appellant failed to make out any valid ground for reduction of statutory deposit, he shall deposit 50% of Demand Notice amount, for entertaining the Appeal.
Issues for consideration
2 issues framed by the court
Whether statutory deposit for entertaining the appeal can be waived given the appellant's inability to repay due to COVID-19.
Whether subsequent payments made by the appellant without documentary evidence can reduce the statutory deposit calculation base.
Parties & counsel
- appellant
K.Ravichandran
- respondent
Indian Bank
Coram
Chairperson
Case details
As recorded by the court registry
All orders in this case
18 orders share this CNR
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