Dismissed
Shunmugavel Enterprises v. Hdb Financial Services Limited
Case brief
AI extract
What is this about?
The Debt Recovery Appellate Tribunal considered an application for waiver of the statutory deposit under Section 18(1) of the SARFAESI Act. Finding the appellants failed to demonstrate sufficient grounds for reduction, the Tribunal ordered a 50% deposit.
What did the court decide?
Ordered deposit of Rs.13,70,547/- representing 50% of the claimed amount within two weeks, failing which the appeal stands rejected.