M/S H. Shanker Bar v. Indian Bank
Case brief
What is this about?
The Appellate Tribunal allowed the condonation of delay in filing the appeal. It dismissed the appellant's application for a waiver of the mandatory pre-deposit, holding that sale proceeds cannot be used to adjust the deposit requirement when the sale itself is challenged under Section 18 of the SARFAESI Act. The appellant was directed to deposit 50% of the debt due.
What did the court decide?
I.A. 541 allowed for condonation of delay; I.A. 542 dismissed, directing the appellant to deposit 50% of the debt due.
1
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Appl Dy No. 349 of 2019
THE HON’BLE JUSTICE SHRI ANIL KUMAR SRIVASTAVA, CHAIRPERSON
17.04.2023
M/s. Harishanker Bar & Restaurant
… Appellant Vs. Indian Bank.
….. Respondent
For Appellant : Mr. N. Srinivas, ld. Counsel.
For Respondent: None
THE APPELLATE TRIBUNAL :
I.A. 541 of 2019 is filed by the appellant for condonation of two days delay in filing the appeal. No one is present for the respondent.
Issues for consideration
3 issues framed by the court
Whether the mandatory pre-deposit requirement under Section 18 of the SARFAESI Act can be waived given the auction of secured assets.
Whether the appellant can utilise the sale proceeds from the secured assets to meet the pre-deposit obligation under Section 18 while challenging the sale.
What constitutes the 'debt due' for the purpose of calculating the mandatory pre-deposit when a Section 13(2) notice is challenged.
Parties & counsel
- appellant
M/s. Harishanker Bar & Restaurant
- respondent
Indian Bank
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · April
- CNR
- 191090003492019
- Topic
- Banking and Recovery
All orders in this case
10 orders share this CNR
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