Disposed

Mr Pareshbhai Lavjibhai Patel v. Capri Global Capital Limited

DRAT18 Mar 2025IA/180/2025

Case brief

AI extract

What is this about?

DRAT Mumbai issued a common order on applications seeking waiver of statutory deposit under Section 113(1) SARFAESI Act. The court fixed Rs 24,50,000 as security in two instalments, linked possession to compliance, and rejected appeals on default.

What did the court decide?

Fixed security deposit in two instalments for appeals; possession deferred; appeals rejectable on default.

Mr Pareshbhai Lavjibhai Patel versus Capri Global Capital… — Banking and Recovery | DRAT (2025)

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DEBTS-RECOVERY A)>PELtATE'T:RIBUNAL AT M:UMBAI (SITTING, AT CHENNAI)
IAJ79/202S·inDiary: Nb, 376/2025 / And IA 180/2025:in,Diary No .. 394/2025 Dated: ,l!!.03.;2025 .COMMON ORDER • 1. These Applicatiot1s [IA 179/2025 in Diary No,
376/.2_025 and IA iS0/2025 in Diary ,No ..
394/2025] ate filed see!drtg, waiver of .statutory
deposit required under Section. 113 (l) -.of the·
· SARFAESI Act, 2002_.for entertai11ing the ,Appeals,. H.eard bo.th sides thro1..1gh VC .. 2. Learned Counsel for -Petitioners/ AppeHan.tS submitted' that Petitioner.s/ Appellants availed two
loart, Jacillties from the Respondent ,Fi.i1ancial
Institution, Chalenging the ITI<Jasurei; iakert by Respondent In:;;titut;ion_, Petltfonets/ Appeilants °filed SA1273/2024 and SA .2.74/2Q24 to quash and .to set aside the:rneasutes Initiated by· isSµing Demand otice 23,01:,2024 undet Sec.tioh, 13(2), Symb0lic

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ossesidpn Notice. lsstied under Section i3(4), . !l.ted 04,.04 .. 2024 and ord�r un.der Section 14 of ARFAESI Act passed by Learned Additional Chief · udiciaJ Magistrate, Jiminagar;. dated 07,.10.202•t ter the, ·contest; both, Securitisation Applications ave 'be,en dismissed, on 03,03.2025.Challenging e ·dismissal oLboth Sec_u1:iti_ssrtion Applications; :'<':se Appeals•:have l:>e\ln filed. Learned Courisel for Pctitioners/Appellants rth<:!r submitted that Learned Presiding Officer, R1',Il, .Ahmedabad, directed the etitloneis/ Appellants to deposit ,Rs.s· Laklis ,jn SA 73/2024 and Rs.·12 1,akhs ih SA 274/2024, and 'h ·such deposit, directe_d the. Respond�nt · tistitution tQ regularize the foan account. In all, e ,Eetitiqner�/Appei!ants paid Rs. 17 Lakhs. In the said 9irtu111j;tanccs, 'Learne_d C.ounsel for the Financial Institution ;^{pposed the Waiver Applicatjqn and submitted that} : eJ'etitloner.s/ Appellants a".ajlcd two 'loans: oiie in · Q't9 fot Rs.29.,66,787/- ·and another in 2020',lpi As per Demand, Notice .issued . 'hder Section 13(2) of $ARFAESJ Act, 2002, the

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ainount due :as on the	da:te ,of issuance, of: Demand
, Nptice qf (lrst loan, :	is <s.55,15,516/- arid /Or
• second Ioan, the amo and put rogether, the '. liable to pay Rs.98,2 . Petitioners/Appellants	unt due, is Rs:42;44,;627/-, Petitlo11ets/Aj)j)ellantsaFe 0.,143/-. Of this amount, had deposited only Rs_,'.17
• La.k.i"is as per th_<; pi:	cier,$ of Learned .Presiding
· C)f(i•ec,r, O!<T0Il, .Ahmed Re�11o·rtdent Institution · adjusthtg"t:his arnouht1 Lakhs,	abad. i.eatrteci CounSt'l .for submits: that eve·n a.l'tet the due as. or now, ·is. Rs .. 99
· 5, In the "\ight of	th.e sul)missions made by
LeaJ:1}ed Courtscl appea the Petiti6hCts/Ap eila issue.ct' a cominon De 13(2) ,and Possession N the· SARFAESI A,c.t, 20	ring for the. parties· an.d .that rt s availed two. loans abd mand Notice under Section otice under Section 13(4) of 02, and that after adjusting
.amount ,alr	eady paicl by
. Pctitioners/AppeJlants.,	the amount ·still ·due i,:;
around Rs.99 LaJ<hs; • ti1at" d.irecting the Pefit 2�%-ofRs .. 99,00,0QO/-	this Tribunal. is of the· view· ion<::rs/ Appellru1ts tq deposit , in eaci1 of the Appeals, :viz,
l�i 79/:2025 in. bia	ry No.376/2025 and IA
180/2025 ih Diary	No. 394/2025, in two
· instalments, ·would m	eet the requirement under

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Section 18(1.). of SARFAESI Act; 2002, for en.tertainingthe Appcal_s. 6, The amount of Rs.24,1:5.,000/-, sha l 1:)e paid in two ihstalements, Le., iOo/o .9f Rs.24/!5i000f.-, ie. Rs.2;47,500/" sh�il b.e ·deposited, on. ()r'before 20.'03:2025 .and balance a.mbµht of Rs:'. 2 ,'.21,5.00/, o.n ·or ·before· 1L04.2025,. in; each Of the, Appe:ais, yiz, JA 1'79/'.20'25 in Diary No, 376/2025 and IA On such 18.0/2025 in Pi�ry No. 394./2025, of payment ,by f'etitiot1ers/Appellants, taking posse:ssioh has. to. 1:>e de(erred till the :next 'hearing. :If the 'first i'nstalment is ·not paid on or before ,20.:03:-202s, the Respondent lhstitutillri:is ,at liberty : to pro9�ei:I 1.Vith taking ,possession. ·7, Jt;is made clear:thatfailure to deposit dfeithet '<'.lf fl:ie 'jn,sta,lrri,ents, lhe respective Appeals .shaii. ·stand· tejeeted. b.ti. making such deposit by ,Pi',titi6ncrs/ ,'.ppeiiart:s., -Rcglstrar, DRAT, Mumbai, ' ' : . ' is to inve.st the· same in a Nationalized. Bank, f�bm time to time., tin further orders.,are passed. 8: PosL the case on 16,04.2025., for .cmmpliance of payments. Sd/CP

Mr Pareshbhai Lavjibhai Patel v. Capri Global Capital Limited

Case brief

What is this about?

What did the court decide?

Mr Pareshbhai Lavjibhai Patel v. Capri Global Capital Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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