Sri Arijit Saikia v. Punjab National Bank
Case brief
What is this about?
The Tribunal allowed the appellant to deposit 35% of the due debt approximately Rs. 55,00,000 as a pre-condition to entertain the appeal under Section 18 of the SARFAESI Act, instead of the mandatory 50% or the discretionary 25%.
What did the court decide?
Permitted the appellant to deposit 35% of the amount due as a pre-deposit within four weeks to entertain the appeal.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
(Dy. No.572 of 2022 )
(Arising out of S.A. No. 58 of 2021 in DRT Guwahati)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA
CHAIRPERSON
17.01.2023 Arijit Saikia & Anr … Appellant -VsThe A.O. Punjab National Bank & anr ….Respondents Mr. D. Basu Roy, Learned Counsel for the Appellant Ms. Aparajit Rao, Learned Counsel for the Respondent
THE APPELLATE TRIBUNAL :
Learned Counsel for the Appellant submits that he is entitled for waiver from making pre deposit under Section 18 of the SARFAESI Act.
Hon’ble Supreme Court in the case of Civil Appeal No. 8969 of 2022 M/s Siddha Neelkanth Paper Industries Pvt. Ltd. versus Prudent ARC and Anr decided on 5th January, 2023 has placed reliance on the judgment of Narayan Chandra Ghosh Versus UCO Bank 2011 SCC Volume 4 SCC
548 wherein it was held that-
Issues for consideration
2 issues framed by the court
Whether the appellant is entitled to a waiver or reduction of the pre-deposit under Section 18 of the SARFAESI Act.
Whether the DRAT can grant a deposit of 35% instead of the statutory 50% or alternatively permitted 25%.
Parties & counsel
- appellant
Arijit Saikia & Anr
- respondent
A.O. Punjab National Bank & anr
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · January
- CNR
- 191090005722022
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
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