Disposed

Shivkumar Shankarrao Deshpande v. Indian Bank (Allahabad Bank)

DRAT30 Jan 2025IA/706/2024

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal heard an interim application seeking waiver of pre-deposit for an appeal against SARFAESI action. The court directed a pre-deposit of ₹50 lakhs in two instalments and dismissed the plea for waiver.

What did the court decide?

Directed deposit of ₹50 lakhs in two instalments; waiver of pre-deposit refused. Appeal listing continued for compliance.

Shivkumar Shankarrao Deshpande versus Indian Bank… — Execution and Attachment | DRAT (2025)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 706/2024 (WoD)

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Appeal on Diary No. 1992/2024 Between

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Shivkumar shankarrao Deshpande & Ors. … Appellant/s V/s.

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…Respondent/s

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Indian Bank (Allahabad Bank) & Ors. An Advocate for the Appellants is present. An Advocate for Respondents is present.

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The matter is taken up for hearing by way of a praecipe filed by the appellants for seeking urgent relief.

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The appellants are in appeal impugning the order dated 28.08.2024 on the files of the Debt Recovery Tribunal, Nagpur (D.R.T.) dismissing the Securitisation Application (S.A.) filed by the appellants for challenging the Sarfaesi action initiated by the respondent bank for recovery of the debt allegedly due under the provision of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002 (“SARFAESI Act” for short).

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The appellants have filed as I.A. No. 706/2024 for waiver of pre-deposit. The sale has already taken place and it is submitted by the Ld. Counsel appearing for the respondents that the outstanding amount of debt due as of a sum of ₹1,17,91,269.67. The appellants have challenged the sale but that can only be after producing substantial evidence regarding the sale and no evidence regarding the

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pecuniary strain it also produced. Hence, the appellants are directed to deposit a sum of ₹50 lakhs as pre-deposit for entertaining this appeal. The amount shall be deposited in two equal instalments a sum of ₹25 lakhs each within the gap of two weeks each as stated hereunder.

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Numbers of Instalments	Payment on or before
1^stInstalment₹25 lakhs 2^ndInstalment₹25 lakhs	13.02.2025 27.02.2025

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The Auction purchaser shall not create any third-party interest till the disposal of the appeal.

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Default of payment of any instalment on time shall entail the dismissal of the appeal without any further reference to this Tribunal. 5. The amount shall be deposited in the form of a Demand Draft/RTGS with the Registrar of this Tribunal. Payment by RTGS shall be communicated to the Registry for verification and intimated to the counsel for the respondents.

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As and when the said amounts are deposited, they shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any Nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

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With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.

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List the matter on 14.02.2025 for reporting compliance regarding the payment of the 1^st instalment of pre-deposit.

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psa-25

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Shivkumar Shankarrao Deshpande v. Indian Bank (Allahabad Bank)

Case brief

What is this about?

What did the court decide?

Shivkumar Shankarrao Deshpande v. Indian Bank (Allahabad Bank)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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Parties & counsel

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