The Tribunal rejected a bank applicant's request for withdrawal of a deposited amount in an abandoned appeal. It held that the sum could not be appropriated for debt without a lien or attachment order, none of which existed in this case.
Application for withdrawal of deposited amount dismissed due to absence of lien or attachment order.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
M.A. No.27/2024 (Refund) And
M.A. on Diary No.2372/2023 (Restoration)
In
(Appeal on Diary No.1590/2023 – Disposed of)
Between
Axis Bank Ltd. … Applicant/s In the matter of Baljit Singh Amrik Singh Sethi … Appellant/s V/s. Axis Bank Ltd. …Respondent/s
Mr Radhe Agarwal, Advocate for Appellant.
Ms Monika Kale i/b Mr Alok Mishra, Advocate for Applicant/Respondent.
-: Order dated: 08/11/2024:-
M.A. No.27/2024 is filed by the bank for withdrawal of the amount which is lying in the deposit made u/s 18(1) of the SARFAESI Act before this Tribunal in the appeal which was dismissed since the appellant could not pay the entire amount in time.
Now the entire amount has been paid and the applicant has filed an application for restoration of appeal numbered Diary No.2372/2023. The bank has applied for withdrawal of that amount which is lying in a deposit for appropriation towards the debt. The law is very clear and it is well settled in a case which was filed by the applicant bank that the amount deposited u/s 18(1) cannot be released to the bank for
1
appropriation towards the debt unless there is a lien or an attachment. Admittedly, there is no lien or attachment in this matter. The bank is contemplating an order of attachment in the Original Application that they have allegedly filed. But as long as there is no order of attachment made, the amount cannot be released to the bank. Hence, this application stands dismissed.
The respondent bank seeks time to file a reply on the application for restoration numbered Diary No.2372/2023. The reply shall be filed with an advance copy to the other side.
List the application for restoration numbered on Diary No.2372/2023 for hearing on 18.12.2024.
Sd/Chairperson
nrp-12
2
Axis Bank Ltd.
Baljit Singh Amrik Singh Sethi
Ashok Menon
As recorded by the court registry
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