Sukhbeer Singh v. Canara Bank and Ors.
Case brief
What is this about?
The appellate court allowed a waiver application for pre-deposit fees, noting over 50% debt repayment. Pending the appeal against an interim order to prevent bank actions, notices were issued in two modes for service while directing the appellant to act urgently within a week.
What did the court decide?
Waiver application allowed for over 50% deposit; notices issued to respondents for stay application; appellant directed to file affidavit of service.
Appeal Dy. No. 516/2022 Date: 06.01.2023
Sukhbeer Singh Vs. Canara Bank
Present: Shri Harsh Chopra, counsel for the appellant,
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 01.08.2022 passed by the DRT, Lucknow in S.A. No. 404/2021. The report of the Registrar dated 21.12.2022 shows that no pre-deposit has been made and as per waiver application being I.A. no. 708/2022, the appellant has deposited Rs. 7,86,48,741/against the demand notice of Rs. 12,31,43,655.02. As such more than 50% of the debt mentioned in the demand notice has been deposited by the borrower. Therefore, the waiver application is allowed.
Learned counsel for the appellant further submits that there is urgency in the matter, as the respondent-Bank is going to take physical possession of the secured asset pursuant to the order passed by the District Magistrate, Ghaziabad under section 14 of the SARFAESI Act, therefore, the interest of the appellant may be protected.
Issue notices to the respondents on the stay by two modes i.e. Registered Post with A.D. and Speed Post. Steps to be taken by the appellant within a week. Affidavit of service along with tracking report be filed by the next date.
List this case on 11.04.2023 for service.
Justice R. D. Khare Chairperson
Issues for consideration
1 issue framed by the court
Whether a stay order should be issued to protect the appellant's interest pending the outcome of the appeal against an interim order preventing physical possession of secured assets.
Parties & counsel
- appellant
Sukhbeer Singh
- respondent
Canara Bank
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · January
- CNR
- 091090005162022
- Topic
- Banking and Recovery
All orders in this case
14 orders share this CNR
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