Disposed

Pushpam Plaza Private Limited v. Punjab National Bank

DRAT9 Jul 2025IA/384/2025

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal considered an application by Appellants seeking waiver of the statutory deposit to entertain an appeal. Observing a discrepancy in dues, the Tribunal fixed 25% of the due amount in the Sale Notice as the deposit and mandated its deposition in two instalments.

What did the court decide?

Directing Petitioners/Appellants to deposit Rs. 3,89,21,250/- in two equal instalments of Rs. 1,94,60,625/- each.

Pushpam Plaza Private Limited versus Punjab National Bank — Banking and Recovery | DRAT (2025)

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iDEBT RECOVERY APPEtLATE mBUNAlrMUMBAl. (SITTING AT -CHENNAI) , .LA. No. 384/2025(WdD) . . fe' ....... J Misc. Appeai-by. -No:>10'18/ 2025 Dated: 0^.67.2025. The Jhattef is taken up. for. shearing by way of a Praecipe (filed by .PetitipnwsyAppeliants-for^se ’eicirigurgerit'relief.. The. Applicatidh is filed, seeking waiver- of -the’ statutory ■ deposit required under Section . 18(1) of the SARFAESi Act,-'2002, : for entertain, the. Appeal.1 ■ ' Learned Cfounsel for.Pefifioner's/Appeil'^ts submitted,Shat’ ;: the Petitioners/Appeliants; filed ,S. A. No.65/2024-^^lenging;the !measures taken under ;SARFAESI' Act, ;2002. including: thernpfice iissued. tirider Section. 13(4) ‘and order passed by learned-District i . Magistrate, Pune, under Section '14 of SARFAESi Act, 2002. It!is’ ' i his stibmission’that without giving 30 days" time' for redeiiiptioh: ■, pf .property, 'the: properly was 'brought' for sale:;. The Auction . : Riirch'asef ought 'to have; paid the 'balance: .sale consideration - .within 15 days' of ccinfirmatibn.o'fosaie but he. had not'paid. that. • amount, The Bank Has even refused, hisfrequest for extension of period for paying the balance sale consideration. However,, 'teamed .Presiding! OfFiceh .in the’ impugned border passed on 05 6&2025:in LA.. No.1730/2025 directed thc-Auction Purchaser to. depdsit- 75% of sale price before xompletidn of ;90 days-Le.; oh dr •.before 06.06.2025;: and on such; payment, .there wercTufther directions fo cpmpietC the formalities of sale such as issxlanceiof; Sale^Certificate and get registered the same and, handing over vacant" possession etc: ;EVeri within-06i06;2025, the Auction Purchaser has not paid.'the' sale' cpiisideratidh: but paid only on. .07:66.2625. Learned Counsel for Pctitidriers/Appcllahts further -

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submitted that after receipt of Section 13(2) Demand No’tice, the Petitioners/Appellants paid sum of Rs. 12.77 Crores. Therefore, this Appeal is filed along with Waiver Application.

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Learned Counsel for I61 Respondent Bank opposes this Application on the ground that the loan account was classified as NPA in the year of 2014; From 2014 to 2021, there is no. payment by the borrowers towards the due. In the year 2021, the. OTS offer was given to the borrowers but the terms of OTS were not complied with by Petitioners/Appellants. There is an agreement between the Auction Purchaser and 1°' Respondent Bank for extension of payment of balance sale consideration. Accordingly, the balance payment was made within three months. Therefore, there is no irregularity and illegality in. paying the balance sale consideration. The Petitioners/Appellants filed a similar Securitisation Application in S.A. No. 556/2025 with similar prayer that is pending before' DRT, Pune. No relief is sought against other Respondents.

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Considered the rival submissions and perused the records.

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It is seen from the records that Demand Notice issued under Section 13(2) of the SARFAESI Act, 2002, was issued on 23.04.2014 demanding a sum of Rs.10,77,39,409.31p. As per the impugned Sale Noticejssued on 28.01.2025, the amount due is shown, as Rs.15,56,85,000/-. It is1 the; submission of the Learned Counsel for 1st Respondent Bank that the amount paid by the Petitibners/Appcllants is not only relates tb loan the account of the Petitioners/Appellants but' also relates to its sister concern and now the property is sold. As per Sale Notice, the amount due is Rs. 15, 56,85,000/-. In the said circumstances, this Tribunal is of the view that, directing the Petitioners/Appellants to deposit .25% of Rs. 15,56,85,0007-.

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	i' ■ would meet, the-requirement under, ..Section .18 ;(1) of SARFAESI .Act, 2002, for entertaining the Appeal.
	of Rs.is.seissydoo/- .comes' to Admittedly, 25% ^3.3.89,21,250/-:
I I.	Liat the.ca.se on 08.08.'20251for reporting compliance. * £ " I L KPetitiphei's/Appcilahts 'fail to deposit of Rs: 1^4,6d;625/- bn or before '1.1.07.2025, ’the. l-hRespondent .Bank is', at liberty-to procccd further in accordahbe with law; If petitiohers/Appeliants deposits Rs.l;94,60,625/.- on or ■ before ii.07.2025i;thc.pbssessibri scheduled on’ 14.07.2025 shall a .■ bcfdeferfed tiU'next'bearing.date. Jt. is; made clear, that. on . failure to deposit of either of the . instalments, the Appeal bhali stand -rejected. On. making such deposit by Petitioncrs/Appellants,- Registrar, ©RAT,.Mumbai'is-to invest the sairih in a Nationalized Bank, from time' to time, till . -further orders are passed. f ; ' ‘ 'PAM: CHMRPEksbNftavQENNAl _" _(IN-CHARGE.'DRAT.MUMBW) Therefore, Petitioners/Appcllants shall deposit, Rsf3^89;21;,250/- in. two equal instalments) instalment of Rs(lj9,4;60j625/- shall he deposited;on or. before l:l:07'i2025 and ^instalment of.Rs, l^Oi625/.-shall be deposited .on or. before 06.0812025.

i'
■ would meet, the-requirement under, ..Section .18 ;(1) of SARFAESI
.Act, 2002, for entertaining the Appeal.

of Rs.is.seissydoo/-
.comes' to
Admittedly, 25%
^3.3.89,21,250/-:

I
I.

Liat the.ca.se on 08.08.'20251for reporting compliance.
* £
" I
L
KPetitiphei's/Appcilahts 'fail to deposit of Rs: 1^4,6d;625/-
bn or before '1.1.07.2025, ’the. l-hRespondent .Bank is', at liberty-to
procccd further in accordahbe with law;
If petitiohers/Appeliants deposits Rs.l;94,60,625/.- on or
■ before ii.07.2025i;thc.pbssessibri scheduled on’ 14.07.2025 shall
a
.■ bcfdeferfed tiU'next'bearing.date.
Jt. is; made clear, that. on . failure to deposit of either of the
. instalments, the Appeal bhali stand -rejected. On. making such
deposit by Petitioncrs/Appellants,- Registrar, ©RAT,.Mumbai'is-to
invest the sairih in a Nationalized Bank, from time' to time, till
. -further orders are passed.
f ; '
‘ 'PAM:
CHMRPEksbNftavQENNAl
_" _(IN-CHARGE.'DRAT.MUMBW)
Therefore, Petitioners/Appcllants shall deposit,
Rsf3^89;21;,250/- in. two equal instalments) instalment of
Rs(lj9,4;60j625/- shall he deposited;on or. before l:l:07'i2025 and
^instalment of.Rs, l^Oi625/.-shall be deposited .on or. before
06.0812025.

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Pushpam Plaza Private Limited v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Pushpam Plaza Private Limited v. Punjab National 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

Case details

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