M/s.Sri Sakthi groups v. Bank of India
Case brief
What is this about?
This order allows an urgent application to waive statutory deposit required for entertaining an appeal in a Debt Recovery Tribunal matter involving gross undervaluation of property. The Court directed the deposit of 25% of the claimed amount instead of a total waiver.
What did the court decide?
Waiver of statutory deposit allowed only to the extent of reduction to 25% of the claimed amount of Rs. 1,67,06,076.69p, payable within two weeks.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 84/2023 in IA 85/2023 In
AIR (SA) 60/2023
Sri Sakthi Groups And Anr Vs The A.O., Bank Of India
03/03/2023
This Application is filed by Petitioners/Appellants to take up Waiver Application on urgent basis.
Heard both sides.
Considering the reasons stated in the Affidavit filed in support of Petition, IA 84/2023 is allowed.
IA 84/2023 is allowed (Urgent) is allowed.
This Application is filed to waive the statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal
Advocate for Petitioners/Appellants submitted that the Appeal is against an Interim Order in IA 154/2023 in SA 21/2023 dated 19.01.2023, and there is gross undervaluation for sale of property. Considering the same, total waiver has to be granted.
Issues for consideration
2 issues framed by the court
Whether the statutory deposit required for entertaining the appeal can be waived or reduced.
Whether the Debt Recovery Appellate Tribunal has the power to reduce the deposit to 25% in case of gross undervaluation.
Parties & counsel
- applicant
Sri Sakthi Groups And Anr
- respondent
The A.O., Bank Of India
Coram
Chairperson
Case details
As recorded by the court registry
All orders in this case
5 orders share this CNR
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