Three appeals are filed impugning the orders in three Interlocutory Applications (I.As.) namely I.A. Nos. 2233, 2234 and 2343 of 2023 in Securitisation Applications Nos. 424 of 2019 on the files of the Debts Recovery Tribunal-II, Mumbai (D.R.T.). All the applications were dismissed by the D.R.T. on 30.11.2023 declining to grant any protection to the Appellants concerning the Sarfaesi action initiated by the Respondent Union Bank of India under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act’, for short) for recovery of the debt allegedly due from the Appellants. Three separate appeals are filed challenging those orders of the D.R.T. The Appellants will have to first cross the hurdle of making a mandatory pre-deposit under Sec.18(1) of the SARFAESI Act. Hence, applications are filed seeking the indulgence of this Tribunal to waive the mandatory pre-deposit of 50% given the deposit of ₹12.60 crores made by the Appellants with the bank in terms of the Undertaking given by them before the D.R.T. on 19.10.2023.
