.^This Application.is tiled seeking waiver of statutory deposit requited under Section 18(1) of the SARFAESI AcL 2002; for entcrtaiiiing the Appeal. teamed Counsel for Petitioners/Appcllants submitted that Petitionefs/Appellahts filed S.A, No. 197/2019 challenging the Demand Notice, Possession Notice; order passed under Section ,14 of SARFAESI Act, 2002 by Chief Metropolitan Magistrate (CMM); Ahmedabad and notice issued by Mr A. K. Pathak, English Stenographer Oradc-2, Metropolitan Magistrate Court,, Ahmedabad and for other relief. Learned Counsel for Pctitioncrs/Appcllants subtnitted that as per impugned Notices l»l Respondent Bank claimed, that from June, 2017, the operation and conduct .of the financial assistance/ credit facilities have become irregular. However, in next para, it is stated that as a consequence of your, committing default in repayment of.principal debt/instalmcnt and interest thereon, the bank was constrained to classify your debt as Non-Performing Asset (NPA) as on 07.07.2017. It is the submission of Learned Counsel for Pctitioncrs/Appcllants that there must be three, months gap between irregular payment and classification of account aS NPA, as per the guidelines of RBI that has not been followed in tills case.
