The Appellate Tribunal allowed an application for waiver of pre-deposit by the appellant. Since the appellant deposited over 50% of the demanded dues after the issuance of the demand notice under Section 13(2) of the SARFAESI Act, the waiver under Section 18(1) was permitted.
Waiver of pre-deposit made under I.A. 527 of 2019 allowed.
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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 430 of 2019
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
01.09.2023 M/s. Alana Hotels & Resorts Private Limited & Another … Appellants -VsIndian Bank ... Respondent Mr. Nemani Srinivas, Learned Counsel for the Appellant
Mr. Sailesh Mishra, Learned Counsel for Respondent
THE APPELLATE TRIBUNAL :
I.A. 527 of 2019
This is an application filed by Appellants for waiver from making pre deposit.
Heard the Learned Counsel for the parties and perused the record.
Demand Notice under Section 13 (2) was issued on 8th September, 2016. Subsequent thereto Appellant deposited an amount of Rs.3,11,00,000.00 on 8th November, 2017 and December, 2017. Factual aspect of the matter is not disputed by the Counsel for Respondent. Since Appellants have already deposited more than 50% of the demanded dues after issuance of the notice under Section 13 (2) of the SARFAESI Act, the waiver application, being I.A. 527 of 2019, under Section 18 (1) of the Act is allowed.
Appeal be registered by supplying regular number.
2
Respondents may file opposition within four weeks with copy to the Appellant who may file rejoinder, if any, within a period of two weeks thereafter.
List on 13th December, 2023 for hearing of the appeal.
(Anil Kumar Srivastava,J) Chairperson
Dated 01st September, 2023
06/ac
2 issues framed by the court
Whether the appellant was eligible for waiver of pre-deposit in the security of a recovery certificate application.
Whether depositing more than 50% of the demanded dues after issuance of demand notice under Section 13(2) justifies waiver under Section 18(1).
2 provisions across 1 enactments
M/s. Alana Hotels & Resorts Private Limited & Another
Indian Bank
Anil Kumar Srivastava
As recorded by the court registry
11 orders share this CNR
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