M/S Sahu Chawal Mill v. Punjab National Bank
Case brief
What is this about?
In this miscellaneous application, the appellant applied for a waiver of the pre-deposit requirement under Section 18 of the SARFAESI Act, 2002, challenging an interim order from the Debt Recovery Tribunal that rejected a stay application. The matter was listed for further orders.
What the court decided
A compact analysis
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Appeal Dy. No. 239/2023 Date: 16.03.2023
M/s Sahu Chawal Mill Vs. Punjab National Bank
The present Misc. Application has been filed under section 18 of the SARFAESI Act against interim order dated 27.01.2023 passed by DRT, Allahabad in S.A. No. 60/2023. Waiver Application being (I.A. No. 157/2023) has also been filed.
Shri Rahul, holding brief of Shri Rakesh Mishra, Ld. Counsel for the appellant is present and removed the defects pointed out by the registry.
With regard to condition of pre-deposit the Ld. Counsel has filed Waiver Application (I.A. No. 157/2023) stating that since the impugned order is an interlocutory order rejecting the stay/interim application by the learned Presiding Officer, Debts Recovery Tribunal, Allahabad and the Sec. Application No. 60 of 2023 is pending before the learned Tribunal for adjudication, as such the appellants are not liable to deposit any amount as provided under 2nd and 3rd proviso of Section 18(1) of the SARFAESI Act, 2002.
List this case before Hon’ble Chairperson on 10.04.2023 for further orders.
Registrar
Issues for consideration
2 issues framed by the court
Whether an appellant is liable to make a pre-deposit for challenging an interlocutory order under Section 18(1) of the SARFAESI Act.
Whether a waiver application under Section 18(2) of the SARFAESI Act is maintainable in the present context.
Parties & counsel
- appellant
M/s Sahu Chawal Mill
- respondent
Punjab National Bank
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · March
- CNR
- 091090002392023
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
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