Sureshkumar M v. State Bank of India
Case brief
What is this about?
The tribunal dealt with an application seeking waiver or reduction of statutory deposit under Section 18(1) of the SARFAESI Act. Relied on a Supreme Court judgment regarding challenged sales, the court ordered a 25% deposit of Rs.39,47,178/- to be made to entertain the appeal.
What did the court decide?
Petitioner/Appellant directed to deposit Rs.39,47,178/- within two weeks. Appeal will stand rejected if deposit not made.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 238/2023 In AIR 702/2023
Sureshkumar M Vs A.O., State Bank Of India And Ors
08/08/2023
This Application is filed seeking waiver of statutory deposit under Section 18 (1) of SARFAESI Act, 2002, for entertaining the Appeal.
This Appeal is preferred against Order dated 08.05.2023, which an Interim Order.
Heard both sides.
Advocate for Petitioner/Appellant submitted that for the reasons stated in the Affidavit filed in support of Petition and due to health condition of Petitioner/Appellant, statutory deposit may be reduced.
Advocate for Respondent Bank opposed the Application.
I have perused material papers and impugned Order dated 08.05.2023.
The claim of Secured Creditor as per Demand Notice issued under Section 13(2) of SARFAESI Act, 2002, dated 10.08.2017, is Rs.1,57,88,714/-. Admittedly, there are no payments subsequent to Demand Notice. Advocate for Petitioner/Appellant submitted some properties are sold and Bank realized amount, and that amount may be taken into consideration for the purpose of statutory deposit.
Issues for consideration
2 issues framed by the court
Whether the statutory deposit for entertaining an appeal under Section 18(1) of SARFAESI Act can be reduced considering property sale proceeds when the sale is challenged.
What percentage of the demand notice amount should be deposited as security for entertaining an appeal against an interim order.
Parties & counsel
- appellant
Sureshkumar M
- respondent
Automatic Officer, State Bank Of India And Ors
Coram
Chairperson
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · August
- CNR
- 331090007022023
- Topic
- Banking and Recovery
All orders in this case
11 orders share this CNR
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