Sri Subir Bhattacharya and Anr. v. State Bank of India and Ors.
Case brief
What is this about?
Application for waiver of pre-deposit under SARFAESI Act rejected. Tribunal directed 25% deposit within four weeks or appeal dismissed as not maintainable.
What did the court decide?
Directed to make pre deposit of 25% of the amount due within four weeks; failing which, appeal to be dismissed as not maintainable.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Appeal No. 253 of 2018
(Arising out of S.A. 321 of 2017 in DRT-3, Kolkata)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
11.01.2023 Subir Bhattacharya & Another … Appellants
-VsState Bank of India & 2 Others … Respondents
Mr. Kala Chand Das, Learned Counsel for Appellant
THE APPELLATE TRIBUNAL :
Application No. 512 of 2018
This is an application praying for waiver of pre-deposit under Section 18 (1) of the SARFAESI Act 2002.
Learned Counsel for the Appellant submits that as per the Demand Notice an amount of Rs.16,82,817.00 has been shown due and payable. The Appellant being financially weak and hard pressed, learned Counsel prays for waiver of the pre deposit.
Issues for consideration
2 issues framed by the court
Whether the Appellate Tribunal can grant a full waiver of the pre-deposit required under Section 18(1) of the SARFAESI Act 2002.
Whether an appellant can use sale proceeds from challenged auctioned secured assets to adjust/pre-deposit requirements.
Parties & counsel
- appellant
Subir Bhattacharya & Another
- respondent
State Bank of India & 2 Others
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
All orders in this case
7 orders share this CNR
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