M/s Sri Ambal and Company v. a.O., Union Bank of India
Case brief
What is this about?
The Debt Recovery Appellate Tribunal at Chennai rejected the appeal filed by M/S Sri Ambal And Company for non-compliance with a conditional order dated 07.03.2023, which mandated a statutory deposit under Section 18(1) of the SARFAESI Act, 2002.
What did the court decide?
Appeal A.IR (SA):62/2022 rejected for non-compliance of deposit order; pending IAs closed.
What the court decided
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 131/2022 In A.IR:62/2022
M/S Sri Ambal And Company V/S A.O., Union Bank Of India
27/03/2023
No representation for Appellants.
This Appeal is coming up for statutory deposit. As per the conditional Order dated 07.03.2023, Appellants shall deposit Rs.32,90,692/-, on or before 21.03.2023 and failure to deposit of said amount would result in rejection of the Appeal.
Appellants have not complied with conditional Order, hence, Appeal A.IR (SA):62/2022 is rejected for non compliance of Order dated 07.03.2023, namely deposit required under Section 18(1) of SARFAESI Act, 2002. All pending IAs, if any, stand closed.
Sd/Chairperson
Issues for consideration
1 issue framed by the court
Whether the Appeal should be rejected for non-compliance with the conditional order regarding statutory deposit under Section 18(1) of SARFAESI Act, 2002.
Parties & counsel
- appellant
M/S Sri Ambal And Company
- respondent
A.O., Union Bank Of India
Coram
Chairperson
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · March
- CNR
- 331090000622022
- Topic
- Banking and Recovery
All orders in this case
11 orders share this CNR
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