Disposed

Ms Gagan Enterprises th its prop satvinderkaur h sindhu v. South Indian Bank

DRAT20 Jun 2025IA/342/2025

Case brief

AI extract

What is this about?

The tribunal directed the appellants to deposit 40% of the due amount as pre-deposit to entertain their appeal against a DRT order for possession, specifying instalment deadlines and consequences of default.

What did the court decide?

Directing deposit of Rs.64,61,584/- in two instalments; deferment of possession upon compliance; rejection of appeal upon failure to deposit.

Ms Gagan Enterprises th its prop satvinderkaur h… — Contract and Commercial Disputes | DRAT (2025)

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DEBT RECOVERY APPELLATE TR1BUNAL-MUMBAI (SITTING AT -CHENNAI)

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1J. No. 342/2025 (WoD) In Wise. Appeal Dy No. 910/2025

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Dated: 20.06.2025

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7he matter is taken up for hearing, by way of a Praecipe filed by the Pctitioners/Appellants for seeking urgent relief.

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This Application is filed seeking waiver of statutory deposit required under Section 18(1) of the SARFAESI Act, 2002, for entertaining the Appeal.

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Learned Counsel for Pctitioners/Appellants submitted that Petitioners/Appellants filed S.A. No.34/2025 before DRT, Nagapur. challenging Demand Notice issued under Section 13(2) on 09.10.2024, Possession Notice issued under Section 13(4) on 15.01.2025, Notice issued under Section 13(8) on 22.01.2025 and order dated 21.02.2025 passed by Learned Additional Judicial Magistrate in Criminal M.A. No. 705/2025. Pending this S.A., the Petitioners/Appellants filed interim application in l.A. No. 784/2025 for stay. That application was rejected. Against said rejection, this appeal is filed along with waiver application.

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Learned Counsel for Respondent Bank submitted that there are two loan accounts, one relates to M/s Gagdn Enterprises and another relates to J.S. Transport. For both loans, a common property was offered as sccurity intercsi and mortgage was created on this property. As of now, a sum of Rs.18.63 crores is due for both loans. So far as the loan challenged in this SA. the amount due us on 08.06.2025 is Rs. 1,61,53.958.69p. Hence, opposes for complete waiver.

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Considered the rival submissions and perused the records.

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It is seen from the Demand Notice dated. 09.10.2024, a sum of Rs. 1,33,75,382. lOp and Rs.3,55,659.37p were due in two loan facilities in respect of M/s Gagan Enterprises, As per Possession Notice dated 15.01.2025, the amount due was Rs.1,42,73,671.47p. In the order passed by Learned Additional Chief Judicial Magistrate, the amount due mentioned as Rs.1.35 crores and Rs.60.60 Lakhs, which was the original loan facility. In the counter filed in the S.A., It is submitted that a sum of Rs.l.Sl.SS.QSS.eOp, was due as of 08.06.2025.

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Taking into consideration the submission made above, the pre-deposit is mandators' to entertain this appeal, tliis Tribunal directs the Petitioners/Appellants to deposit 40% of Rs.1,61,53,958.69p (rounded off to Rs. 1,61,53,959/-) , in two equal instalments, would meet the requirement under Section 18(1) of the SARFAESI Act, for entertaining, the appeal.

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Admittedly, 40% of Rs.1,61,53,959/comes to Rs. 64,61,583.60p. (rounder off to Rs. 64,61,584/-).

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Therefore, Petitioners/Appellants shall deposit Rs.64,61,584/in two instalments, instalment of Rs.32,30,792/- shall be deposited on or before 23.06.2025 and 2,,d instalment of Rs.32,30,792/- shall be deposited on or before 21.07.2025.

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If Petitioners/Appellants comply with the Is1 instalment by depositing Rs.32,30,792/-, taking.of possession shall be deferred till next dale of hearing. Failing to comply with the first instalment, the Respondent Bank is at liberty to proceed with possession in the manner known to law. ‘

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	It is made clear that failure to deposit of either of the
instal	ments, the Appeal shall stand rejected. On making such
deposi	t by Petitioners/Appellants, Registrar, DRAT, Mumbai.is to
invest	the same in a Nationalized Bank, from time to time, till
furthe	r orders arc passed. List the case bh 23.07.2025, for reporting compliance.
	CHAIRPERSON DRAT, CIIENXM (INCHARGR, nRATZMUMDAI)
MKS

Ms Gagan Enterprises th its prop satvinderkaur h sindhu v. South Indian Bank

Case brief

What is this about?

What did the court decide?

Ms Gagan Enterprises th its prop satvinderkaur h sindhu v. South Indian Bank

Case brief

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