Vipul and company and Ors. v. Union Bank of India
Case brief
What is this about?
In an interim application filed by appellants challenging recovery measures, this court rejected the request to reduce the mandatory pre-deposit to 25% due to lack of evidence for financial strain and affirmed the requirement to deposit a higher sum to obtain a temporary stay.
What did the court decide?
Appellants directed to deposit Rs. 1.15 crores in three instalments; stay on further measures granted pending payment of the first instalment by 22.05.2023.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 268/2023 (WoD)
In
Appeal on Diary No. 569/2023
Between
Vipul and Company & Ors. V/s.
Union Bank of India
… Appellant/s
…Respondent/s
Ms Sonali Jain, Advocate for Appellants.
Mr R.P. Ojha along with Mr R.K. Dubey, Advocate for Respondent.
-: Order dated: 08 /05/2023:-
This is an application for waiver of deposit filed by the Appellants under Sec. 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’ for short).
Issues for consideration
2 issues framed by the court
Whether the appellants are entitled to a waiver of the mandatory pre-deposit amount under Section 18(1) of the SARFAESI Act due to financial strain.
What revised amount was to be deposited as a pre-condition for staying the recovery proceedings.
Parties & counsel
- appellant
Vipul and Company & Ors.
- respondent
Union Bank of India
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
3 orders share this CNR
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