Mukeshkumar Sohanlal Jain and Ors. v. Standard Chartered Bank
Case brief
What is this about?
The Debt Recovery Appellate Tribunal rejected the appellants' plea for waiver of pre-deposit for their appeal against an adverse order regarding symbolic possession under SARFAESI Act, directing them to deposit ₹35 lakhs to enable a hearing.
What did the court decide?
Appellants directed to deposit ₹35 lakhs as pre-deposit (₹20 lakhs immediate, ₹15 lakhs within two weeks). Possession of assets scheduled for 16.02.2025 deferred until payment.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson I.A. No. 101/2025 (WoD) In
Misc. Appeal on Diary No. 239/2025
Between
Mukeshkumar Sohanlal Jain & Ors. … Appellant/s V/s.
The Authorised Officer, …Respondent/s Standard Chartered Bank
Mr. Gaurang Kinkhabwala, i/b Ms. Kanjani Trivedi, Advocate for Appellants.
An Advocate for the respondent is present.
The matter is taken up for hearing by way of a praecipe filed by the appellants for seeking urgent relief.
The appellants are in appeal impugning the dismissal of the interlocutory prayer for protection from being dispossessed from the secured assets in consequence of an order obtained u/s 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002 ( “SARFAESI Act” for short) from the Additional Chief Judicial Magistrate (ACJM) on 21.09.2024 and 21.12.2024 concerning the shop and the flat respectively. The Ld. Presiding Officer, Debt Recovery Tribunal-II, Ahmedabad (D.R.T.) has declined to grant any protection in Securitisation Application No. 441/22024 (S.A.) stating that the no prima facie case made out and therefore, no protection can be granted.
Issues for consideration
2 issues framed by the court
Whether appellants are entitled to a waiver of pre-deposit in appeal impugning an order dismissing their application for protection from dispossession under SARFAESI Act.
Whether defects in the demand notice and NPA classification justify waiver of pre-deposit required for entertaining the appeal.
Parties & counsel
- appellant
Mukeshkumar Sohanlal Jain & Ors.
- respondent
Standard Chartered Bank
Coram
Ashok Menon
Case details
As recorded by the court registry
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