The Tribunal directed appellants to deposit 50% of the outstanding amount calculated from the original Possession Notice, totaling Rs.13,82,053/-, to remedy the appeal against a final order.
Calculation of 50% deposit of Rs.13,82,053/- on outstanding amount from Possession Notice.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 192/2023 in
A.IR:248/2023
S Shahul Hameed &Anr V/S A.O., Equitas Small Finance Bank Ltd
08/09/2023
This application is filed seeking waiver of statutory deposit required under Section 18 of SARFAESI Act, for entertaining the Appeal.
Heard both sides.
This Appeal is preferred against order dated 27.2.2023 in TSA No.78/2022 on the file of DRT-II, Chennai.
Advocate for petitioners/appellants represented that amount claimed in Possession Notice dated 16.9.2020 is Rs.35,35,906/- and as per orders of Tribunal below, petitioners/appellants deposited Rs,7,71,800/- in May, 2021. It is submitted that considering these aspects, petitioners/appellants may be permitted to deposit 25% of notice amount towards statutory deposit.
Advocate for respondent submitted that subsequent to possession notice, Sale Notice was issuing indicated an amount of Rs.51,62,486/- due as on 26.8.2023. It is further submitted that appeal is against Final Order and no valid grounds are made out for reducing statutory deposit.
I have perused the material papers and impugned order dated 27.2.2023. For the purpose of statutory deposit, I am of the view that amount indicated in Possession Notice has to be taken into consideration and out of that amount of Rs,7,71,800/paid in May, 2021 has to be deducted and on doing so amount comes to Rs.27,64,106/-.
As appeal is against Final, Order, I am of the view directing petitioners/appellants to deposit 50% of Rs.27,64,106/- would meet the requirement under Section 18 of the SARFAESI Act, which comes to Rs.13,82,053/-.
Therefore, petitioners/appellants shall deposit Rs.13,82,053/- within two weeks from today i.e., on or before 22.9.2023, failing which, appeal stands rejected.
On making such deposit, Registrar shall invest the same in a Nationalized Bank for a reasonable period and renew it periodically, till further orders are passed.
Post the matter on 25.9.2023 for compliance of deposit.
Sd/-
Chairperson
1 issue framed by the court
Whether the statutory deposit for entertaining an appeal under Section 18 of SARFAESI Act should be calculated based on the original claim in the Possession Notice or the subsequent amount in the Sale
1 provisions across 1 enactments
S Shahul Hameed & Anr
A.O., Equitas Small Finance Bank Ltd
Chairperson
As recorded by the court registry
14 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
