M/s. Dharmandan Textiles v. India Bulls Housing Finance Ltd.
Case brief
What is this about?
The court rejected the appellant's request for a full waiver of the mandatory pre-deposit under the SARFAESI Act. Instead, it directed the appellant to deposit an additional ₹70 lakhs within three weeks to entertain the appeal against the DRT's interim order.
What did the court decide?
Directed the appellants to deposit a total of ₹1,70,00,000/- as pre-deposit, with the balance of ₹70 lakhs to be deposited by 15/10/2024.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson
I.A. No. 460/2022(WoD)
In Appeal on Diary No. 909/2022
Between
M/s Dharmanandan Textiles & Ors.
… Appellant/s
V/s.
The Authorised Officer, Indiabulls Housing Finance Ltd.
…Respondent/s
Mr Gaurang Kinkhabwala along with Mr Sachin Kaikini, i/b Ms Kanjani Trivedi, Advocate for Appellants.
Mr Rishabh Shah along with Mr Divyanshu Gupta, i/b M/s Parinam Law Associates, Advocate for Respondent No. 1.
Mr Prashant Pandit, Advocate for Respondents Nos. 2 and 3.
Issues for consideration
2 issues framed by the court
Whether the appellant is entitled to a complete waiver of the mandatory pre-deposit for entertaining the appeal under Section 18(1) of the SARFAESI Act.
Whether the appellant's breach of the repayment undertaking neutralizes their claim for waiver based on prior settlement offers.
Parties & counsel
- appellant
M/s Dharmanandan Textiles & Ors.
- respondent
The Authorised Officer, Indiabulls Housing Finance Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
10 orders share this CNR
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