Sudha v. Canara Bank
Case brief
What is this about?
The Debt Recovery Appellate Tribunal computed the deposit required to file an appeal against a DRT order. It deducted the previously deposited security of Rs.12.80 Lakhs from the demanded amount to arrive at a new debt figure and ordered 50% deposit.
What did the court decide?
Deposit of Rs.33,29,008/- to be made within two weeks to entertain the appeal.
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 172/2023 in A.IR:127/2023
Sudha V/S Canara Bank
09/10/2023
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal.
Heard Advocate for Petitioner/Appellant. No representation for Respondent.
This Appeal is against the final Order dated 30.01.2023 of DRT-II, Chennai. Advocate for Petitioner/Appellant submitted that as per Section 13 (2) Notice, amount demanded is Rs.79,38,016.46p, and as per Orders of DRT, a sum of Rs.12.80 Lakhs is deposited on 02.03.2022, which is also admitted by Bank in its Affidavit in Application IA 311/2022 in para 6 of said IA. It is submitted that today Petitioner/Appellant is ready with a Demand Draft of Rs.20 Lakhs and ready to pay remaining amount within two weeks, considering these aspects, statutory deposit may be reduced.
I have perused material papers and impugned Order dated 30.01.2023.
As per Section 18 (1) of SARFAESI Act, 2002, amount demanded by Secured Creditor has to be taken into consideration, and as per Section 13(2) Notice dated 29.04.2021, the amount demanded is Rs.79,38,016.46p (Rounded off to Rs. Rs.79,38,016/-). As Petitioner/Appellant deposited Rs.12.80 Lakhs, on 02.03.2022, the same has to be deducted from out of said Notice amount, to determine the debt due from Borrower as claimed by Secured Creditor. If that is done (Rs.79,38,016/-minus Rs.12,80,000/-), the amount would come down to Rs.66,58,016/- and Petitioner/Appellant shall deposit 50% of Rs.66,58,016/-, for entertaining the Appeal.
Issues for consideration
1 issue framed by the court
Whether the statutory deposit required for entertaining an appeal under Section 18(1) of SARFAESI Act can be fixed by deducting the detenional deposit already made.
Parties & counsel
- appellant
Sudha
- respondent
Canara Bank
Coram
Chair Person
Case details
As recorded by the court registry
All orders in this case
13 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court