Raviputram Oil Mills v. Uco Bank
Case brief
What is this about?
The DRAT directed the appellant to deposit 35% of the outstanding demand under section 13(2) of the SARFAESI Act within four days. Failure to comply would result in dismissal of the appeal. Notices were issued to remaining respondents, pending orders scheduled for future hearing.
What did the court decide?
Direction to deposit 35% of demand within four days; withdrawal of stay application pending deposit; notice issued to remaining respondents.
Appeal Dy. No. 627/2023 Date: 30.05.2023
Raviputram Oil Mills Vs. UCO Bank
Present: Shri Shadab Alam, counsel for the appellant, Shri P. K. Gupta, counsel for the respondent-Bank,
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the final order dated 02.05.2023 passed by the DRT, Lucknow in S.A. No. 780/2019, whereby the auction sale of the property in question has been confirmed.
The report of the Registrar dated 29.05.2023 shows that the urgency application being I.A. No. 414/2023, waiver application being I.A. No. 415/2023, Stay application being I.A. No. 416/2023 and exemption application being I.A. No. 417/2023 have been filed.
Since the matter has been taken up today, therefore the urgency application being I.A. No. 414/2023 has become infructuous and is disposed off as such.
Learned counsel for the appellant contends that the appellant has already deposited Rs. 52.50 lacs with the respondentBank and is required to deposit Rs. 52,69,009/- i.e. 25% of the outstanding, for which learned counsel has presented a demand draft of Rs. 19,900/- in favour of the Registrar, DRAT, Allahabad.
It is ordered that the appellant shall deposit at least 35% of the demand raised by the Bank under section 13(2) of the SARFAESI Act within 4 days from today. The draft deposited
Issues for consideration
2 issues framed by the court
Whether to grant a pre-deposit stay on the appeal pending compliance.
Whether to direct notice to remaining respondents in an enforcement proceeding.
Parties & counsel
- appellant
Raviputram Oil Mills
- respondent
UCO Bank
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090006272023
- Topic
- Banking and Recovery
All orders in this case
14 orders share this CNR
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