Disposed

Panjooram Bhagoomal Malkani v. Saraswat Cooperative Bank Limited

DRAT12 Feb 2025IA/100/2025

Case brief

AI extract

What is this about?

The Tribunal directed the appellants to make a pre-deposit under Section 18(1) of the SARFAESI Act to entertain the appeal against the dismissal of their Interlocutory Application challenging a demand notice and possession taking steps.

What did the court decide?

Directed appellants to deposit Rs. 1.50 lakhs immediately and Rs. 1.50 lakhs by 27.02.2025. Deferred possession taking.

Panjooram Bhagoomal Malkani versus Saraswat Cooperative Bank Limited — Arbitration | DRAT (2025)

¶1

BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson I.A. No. 100/2025 (WoD)

¶2

¶3

Misc. Appeal on Diary No. 28/2025 Between

¶4

Panjooram Bhagoomal Malkani & Ors. … Appellant/s V/s.

¶5

The Saraswat Co-operative Bank Ltd. …Respondent/s

¶6

Mr. Radhe Agrawal, Advocate for Appellants appeared through a Video Conference.

¶7

Mr. Vinay Deshpande, i/b M/s. V. Deshpande & Co., Advocate for Respondent.

¶8

-: Order dated: 12/02/2025:-

¶9

The matter is taken up for hearing by way of a praecipe filed by the appellants for seeking urgent relief.

¶10

The appellants are impugning the dismissal of the Interlocutory Application No. 2115/2024 (I.A.) in Securitisation Application No. 145/2024 (S.A.) by the Debt Recovery Tribunal, Nagpur (D.R.T.) vide order dated 06.12.2024. To entertain this appeal the appellants will first have to comply with making the pre-deposit u/s 18 (1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002 ( “SARFAESI Act” for short). The challenge is to the demand notice u/s 13 (2) and subsequent steps u/s 13 (4) of the SARFAESI Act.

¶11

The appellants have paid a certain amount toward the debt and the present dues is ₹6,98,292/-. The appellants are, therefore, directed

¶12

¶13

to deposit a sum of ₹3 lakhs as pre-deposit for entertaining this appeal. The said amount shall be deposited in two instalments. The Ld. Counsel appearing for the appellants submits that a sum of ₹1.50 lakhs shall be deposited today by 6:30 PM. The balance ₹1.50 lakhs shall be deposited within two weeks on or before i.e., 27.02.2025.

¶14

Subject to payment of a sum of ₹1.50 lakhs today by 6:30 PM, the taking over the possession which is scheduled to be taken tomorrow (13.02.2025) shall stand deferred till the next date of hearing.

¶15

Default in payment of any instalment on time shall entail the dismissal of the appeal without any further reference to this Tribunal. 5. The amount shall be deposited in the form of a Demand Draft/RTGS with the Registrar of this Tribunal. Payment by RTGS shall be communicated to the Registry for verification and intimated to the counsel for the respondent.

¶16

As and when the said amounts are deposited, they shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any Nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

¶17

With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.

¶18

List the matter on 28.02.2025 for reporting compliance regarding the payment.

¶19

psa-09

¶20

Panjooram Bhagoomal Malkani v. Saraswat Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

Panjooram Bhagoomal Malkani v. Saraswat Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Hashmi Sayed Nisar Ahmed Sayed Murtuza versus State Bank of India

State Bank of India versus Ramesh Rangnath Kirjat

Amol Arun Patole versus Apna Sahakari Bank Ltd.

Bank of Baroda versus Panchratna Bar N Restaurant and Ors.

Mukeshkumar Sohanlal Jain and Ors. versus Standard Chartered Bank

Ms Universal Tradlink Corporation through Its Prop Mr Manoj Paliwal versus Canara Bank