M/s.Sri Sakthi groups v. Bank of India
Case brief
What is this about?
This is a single-paragraph order from the Debt Recovery Appellate Tribunal, Chennai. The appellant, Sri Sakthi Groups, failed to deposit the statutory reserve amount of Rs. 41,76,519/:- as ordered on 03.03.2023 before the appellate hearing held on 27.03.2023. Consequently, the Chairperson rejected the appeal for non-compliance with Section 18(1) of the SARFAESI Act.
What did the court decide?
The appeal (SA 21/2023) is rejected for non-compliance of the order dated 03.03.2023 regarding deposit of Rs.41,76,519/- under Section 18(1) of SARFAESI Act.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI Dated the 27th day of March, 2023
PRESENT: HON'BLE JUSTICE S.RAVI KUMAR CHAIRPERSON
IA 85/2023
(SA 21/2023 on the file of DRT-Coimbatore)
Between
- M/s. Sri Sakthi Groups, Rep. by its Proprietor Mrs. Bagyalakshmi P, 1/554, A. Kannakkankadu, Near VGP Garden, No.63, Velampalayam, Tirupur - 641 664.
- Mrs. Bagyalakshmi W/o Mr. K. R. Ponnusamy, 1/554, A. Kannakkankadu, Near VGP Garden, No.63, Velampalayam, Tirupur - 641 664.
… Appellants
And
The Authorised Officer/ Assistant General Manager, Bank of India, Sulur Branch, No.46, U K N R Complex, Trichy Road, Sulur, Coimbatore – 641 402.
…Respondent
Issues for consideration
1 issue framed by the court
Whether the appeal can be continued despite non-compliance with the conditional order for deposit of required amount.
Parties & counsel
- appellant
M/s. Sri Sakthi Groups, Rep. by its Proprietor Mrs. Bagyalakshmi P
- appellant
Mrs. Bagyalakshmi W/o Mr. K. R. Ponnusamy
- respondent
The Authorised Officer/ Assistant General Manager, Bank of India, Sulur Branch
Coram
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · March
- CNR
- 331090000602023
- Topic
- Banking and Recovery
All orders in this case
5 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court