Shriram Enterprises and Ors. v. Union Bank of India

DEBT RECOVERY,.AP.PELLATE TRIBUNAVMUMBA1 {SITTING.AT>GHENNAI)

I.A. Nd. 402/-2025 (WoD) . In MiscAppeal Dy No. 884/2025

Dated: 14.07.2025

The Shatter is’ taken up: for hearing by way :df a. Praecipe; filed’by the Petiti^phqrs/AppeU^tsfpr^seel^g urgent relief. This Application is.filed’ seeking waiver of statutory deposit ./required under: Section 180) of the SARFAESi Act; ,2002, for,. ■ feiitenaihihg die Appeal’.

Learned Counsel for Pptitiphcrs/AppeUahts submitted that, ■the Petitioners/Appellants Tiled SA. No. 259/2025 challenging' the itteasufes taken under SARFAESI-Act’, 2062), starting-from.the . demand notice, Symbolic ppssbssidri, proceedings under 1’4. of the ■ i /SARFAESI' Act, ‘possession .notice issued by .the Court. .Commissioner dated i2i03.2025.and ,2’6.03.2025; etc.

Learned .Presiding’Officef.iDRTT 11, Alimcdabadj passed’an. order pri 19;04.-2025 directing the -Respondent Bank to. appropriate;'a sum of Rs.30 J&khs along with interest accrued’ yzhlch was: deposited by Petitioners/AppeUants-.and lying in. the ■ Sundry; A'c'cciunt and- further' directed the Pedtioners/Appellants to depositi.Rs'iiO Lakhs with Respondent Bank within a.period .of - .10 days from' the date, of jJassuig of Order. .and another Rs.,10 . Lakhs: within a period of 30- ddys from that day along xvitli OTS .proposal. It is the submission Of Learned Counsel for Petitioners/Appellants, that 'Rs.20 Lakhs was; appropriated,, but ;due to ^financial difficulty,’ the Pctitioners/App.ellahfs -could, not ‘make the-deposit of Rs. 10'Lakhs each,- on'two occasions. The, Application filed fot seeking extension of time was' dismissed. Therefore; this-Appeal is fried,along with- Waiver Application.