notice issued under Sec.13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’, for short) is not valid because he does not give a bifurcation of the interest, principal amount and also the costs and therefore, it is bad in law for having infringed the mandatory provision under Sec. 13(3) of the SARFAESI Act. As per the demand notice issued under Sec. 13(2), the demand is for a sum of ₹91,31,033/-. After the receipt of the demand notice, the Appellants have in instalments paid a total sum of ₹45,50,000/-. The Appellants contend that they have a prima facie case and therefore, indulgence may be shown to reduce the mandatory pre-deposit contemplated under Sec. 18(1) of the SARFAESI Act to the minimum of 25% of the amount due. The Appellants have not produced any documents to prove their impecuniosity. Under the circumstances, the Appellants will have to deposit 50% of the debt due. Since the Sarfaesi measure is still under Sec. 13(4). The amount mentioned in the demand notice should be the threshold amount but it is pertinent to note that the Appellants have paid a sum of ₹45.50 lakhs towards that amount but if that amount is deducted, the subsequent interest accrued will have to be added up. The Ld. Counsel for the Respondent on instructions submits that as of date there is an outstanding dues of ₹68.55 lakhs. Therefore, the Appellants will have to make the pre-deposit considering the said amount as the threshold amount.
