Disposed

P. Pon Ananthakumar v. Indian Overseas Bank

DRAT23 Jun 2023REGULAR APPEAL/1/2024

Case brief

AI extract

What is this about?

Application filed for waiver/reduction of statutory deposit for entertaining appeal under SARFAESI Act. Court rejected request for 25% waiver, ordered 50% deposit on calculated amount, allowing reduction of demand by previously paid amount.

What did the court decide?

Appellant ordered to deposit Rs.17,64,689/- (50% of Rs.35,29,378.36p) within two weeks; failure to deposit results in rejection of appeal.

P. Pon Ananthakumar versus Indian Overseas Bank — Banking and Recovery | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

¶2

IA 26/2023 in A.IR:420/2022

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P.Pon Ananthakumar V/S Indian Overseas Bank & Anr

¶4

23/06/2023

¶5

This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.

¶6

Heard both sides.

¶7

Advocate for Petitioner/Appellant submitted, SA is filed challenging Sale Certificate, and as SA is dismissed on 26.10.2022, present Appeal is filed. It is submitted considering the reasons stated in the Affidavit filed in support of Petition, statutory deposit may be reduced to 25%.

¶8

On the other hand, Learned Advocate for 1^st Respondent Bank opposed, and submitted that, there are no valid grounds for reducing statutory deposit from 50% to 25%.

¶9

I have perused material papers and impugned Order dated 26.10.2022.

¶10

The amount demanded under Section 13(2) of SARFAESI Act, 2002, is Rs.37,29,378.36p. Advocate for Petitioner/Appellant submitted that subsequent to Section 13(2) Notice, a sum of Rs.2 Lakhs has been paid, therefore, said amount has to be deducted from Rs.37,29,378.36p, to arrive at the amount demanded.

¶11

It is not in dispute that a sum of Rs.2 Lakhs is deposited subsequent to Demand Notice. Therefore, this amount has to be deducted from out of said Notice amount, and if that is done, the claim would come down to Rs.35,29,378.36p, and as no valid grounds are made out, Petitioner/Appellant shall deposit 50% of Rs.35,29,378.36p, for entertaining the Appeal.

¶12

For the above reasons, Petitioner/Appellant shall deposit 50% of Rs.35,29,378.36p, which comes to Rs.17,64,689.18p (rounded off to Rs.17,64,689/-) within a period of two weeks from today i.e., on or before 07.07.2023.

¶13

It is made clear that failure to deposit of above amount, the Appeal shall stand rejected. On making such deposit by Petitioner/Appellant, Registrar is to invest the same in a Nationalized Bank, from time to time till further orders are passed.

¶14

Post the case on 10.07.2023, for compliance of payment.

¶15

Sd/Chairperson

P. Pon Ananthakumar v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

P. Pon Ananthakumar v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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Case details

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