Disposed

Mrs. Vijaya Bhagwat Jaware Propriter of M/s Om Btech Engineers v. Canara Bank

DRAT3 Jul 2025IA/370/2025

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal addressed an application seeking waiver of the statutory deposit required to entertain an appeal against SARFAESI Act measures. The Tribunal directed the appellants to deposit the requisite amount into the beneficiary account.

What did the court decide?

Deposit of Rs. 36,20,000 by 16.07.2025 and Rs. 72,40,000 in two equal installments by 31.07.2025 into the beneficiary account.

Mrs. Vijaya Bhagwat Jaware Propriter of M/s Om Btech… — Banking and Recovery | DRAT (2025)

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

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In I.A. No. 370/2025 (WoD) Misc. Appeal Dy No. 987/2025

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Dated: 03.07.2025.

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The matter is taken up for hearing by way of a Praecipe filed by the Petitioners/Appellants for seeking urgent relief.

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

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Learned Counsel for Petitioners/Appellants submitted that Petitioners/Appellants filed S.A. No. 252/2025 challenging the measures taken under SARFAESI Act, 2002, starting from Section 13(2) Demand Notice, Sale Notice etc. He also moved an Application in I.A. No. 634/2025 seeking stay of further proceedings. The said I.A. was dismissed.

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and (iii) there was no affixture of notice on the premises as required under Rule 8 (7) of Security Interest (Enforcement) Rules, 2002. Though these violations had been brought to Learned Presiding Officer, DRT, Pune, Learned Presiding Officer choose to dismiss the Application, therefore, this Appeal is filed along with Waiver Application. It is his submission that (i) the notice required under Rules not been properly given, (ii) the valuation of the property was not taken prior to sale, but the one that was taken in 2024 was relied 8(6) and 9(1) of Security Interest (Enforcement) Rules, 2002, had

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Learned Counsel for Respondent No. 1 Bank though logged audio. in through VC was not able to communicate due to defect in

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Respondent. Since this is a Waiver Application, this Tribunal proceeds to pass order on this Application. without impleading him as a party to the proceedings and prays that Petitioners/Appellants may be directed to implead him as successful bidder submitted that S.A. 252/2025 was filed Auction Purchaser Mr Sharad Aggarwal, who is the

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Appeal. in the fifth attempt the sale was successful. Several grounds had Section 18 (1) of SARFAESI Act, 2002, for entertaining, the aforesaid. Learned Presiding Officer found that the measures had the order impugned, the property was sold for Rs.1.81 Crores. been taken by the Petitioners/Appellants before the Tribunal like been taken properly and the property was sold. It is seen from The Sale Certificate was also issued. In the said circumstances, The reading of the impugned Order shows that previous four attempts made by Respondent Bank for sale were failed and deposit 40% of Rs.1.81 Crores would meet the requirement under this Tribunal is of the view directing the Petitioners/Appellants to

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Rs.72,40,000/-. Admittedly, 40% of Rs.1,81,00,000/- comes to

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Rs.36,20,000/- shall be deposited on or before 16.07.2025 and Rs.72,40,000/- in two equal instalments, 1st instalment of 2nd instalment of Rs.36,20,000/- shall be deposited on or before 31.07.2025. Therefore, Petitioners/Appellants shall deposit

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It is made clear that on failure to deposit of either of the instalments, the Appeal shall stand rejected. On making such deposit by Petitioners/Appellants, Registrar, DRAT, Mumbai is to

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invest the same in a Nationalized Bank, from time to time, till

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further orders are passed.

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List the case on 04.08.2025, for reporting compliance.

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Mwn CHAIRPERSON DRAT, CHENNAI (IN-CHARGE, DRAT, MUMBAI)

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PAM

Mrs. Vijaya Bhagwat Jaware Propriter of M/s Om Btech Engineers v. Canara Bank

Case brief

What is this about?

What did the court decide?

Mrs. Vijaya Bhagwat Jaware Propriter of M/s Om Btech Engineers v. Canara Bank

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

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