Sri Palakurthi Nikesh Kumar v. Indian Bank
Case brief
What is this about?
The Debts Recovery Appellate Tribunal at Kolkata allowed condonation of delay in filing the appeal under the Limitation Act. Regarding the pre-deposit requirement under Section 18(1) of the SARFAESI Act, the Tribunal directed the Appellant to deposit 35% of the claimed debt due, Rs. 20.00 lac, instead of the standard 50%, considering financial hardship.
What did the court decide?
Delay in filing appeal condoned; order of Section 18(1) of SARFAESI Act modified to direct pre-deposit of 35% of the claimed debt amount rather than 50%.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Diary No. 672 of 2022
(Arising out of S.A. 175 of 2020 in DRT-II, Hyderabad)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
26.09.2023 Palakurthi Nikesh Kumar … Appellant -VsIndian Bank & 2 Others … Respondents
Mr. Nemani Srinivas, Learned Counsel for the Appellant
Mr. Debasish Chakrabarti with Ms. Sharmistha Pal, Counsel for Respondent No.1/Bank
Mr. Sudhir Kumar Senapati, Counsel for Respondents No. 2 and 3
THE APPELLATE TRIBUNAL :
I.A. 450 of 2022
Application under Section 5 of the Limitation Act for condonation of delay in filing the appeal.
Impugned order was passed on 18th October, 2022 while appeal was filed on 1st December, 2022. Learned Counsel submits that delay was not intentional and was procedural.
Issues for consideration
3 issues framed by the court
Whether delay in filing appeal under Section 18 of the SARFAESI Act can be condoned under Section 5 of the Limitation Act.
Whether the Appellant is required to make a pre-deposit to maintain the appeal under proviso to Section 18(1) of the SARFAESI Act.
Whether the pre-deposit amount can be reduced from 50% to 35% considering the financial condition of the Appellant.
Parties & counsel
- appellant
Palakurthi Nikesh Kumar
- respondent
Indian Bank
- respondent
2 Others
Coram
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · September
- CNR
- 191090006722022
- Topic
- Arbitration
All orders in this case
7 orders share this CNR
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