DRT Chennai, sitting as Debt Recovery Appellate Tribunal, directed Petitioners/Appellants to deposit Rs. 10 Lakhs by 07.08.2025 as an interim measure to defer possession scheduled for 08.08.2025, failing which the Bank may proceed.
Order directing interim deposit of Rs. 10 Lakhs to defer possession scheduled for 08.08.2025.
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DEBT RECOVERY APPELLATE TRIBUNAL-MUMBAI ’ ' (SITTING AT-CHENNAI) LA. No. 804/2024 (WoD) In Misc. Appeal Dy No. 2089/2024
Dated: 06.08.2025
The matter is taken up for hearing by way of a Praecipe filed by the Petitioners/Appellants for seeking urgent relief.
This Application is filed seeking waiver of statutory deposit required under Section 18(1) of the SARFAESI Act, 2002, for entertaining the Appeal.
Learned Counsel for Petitioners/Appellant submitted that Petitioners/Appellants filed S.A. No. 332/2024 challenging the measures taken under SARFAESI Act including the order passed under Section 14 of SARFAESI Act by District Magistrate, Raigad, in Application No. 258/2019 on 18.01.2020.. The Petitioners/Appellants also filed I.A. No. 2527/2024 seeking stay of further proceeding wherein Learned Presiding Officer directed the Petitioners/Appellants to deposit Rs. 10 Lakhs on 30.08.2024 and Rs. 15 Lakhs within one week from that day. The Petitioners/Appellants was granted two weeks’ time to approach the Respondent Bank with settlement proposal and granted three months’ time from that date to settle the matter with the Respondent Bank.
It is submitted that the first instalment of Rs. 10 Lakhs was deposited, and challenging the second condition, this Appeal is
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Rs.46,11,910/-, and however, Learned Presiding Officer, on the basis of submissions of the Bank, that there are two more loan accounts are there, in which Petitioner/Appellant and his wife is borrower and guarantor, interchangeably, the outstanding of all the three loans is around Rs.1.79 Crores, and the Petitioners/Appellants’ loan account due, is Rs. 1.07 crores, and passed'ill'the impugned order. The Petitioners/Appellants have not received any proceedings in respect of other loans, therefore, clubbing all the three loans and passing an order in Wavier Application, is not correct.
In reply, Learned Counsel for Respondent Bank submitted that Sx'XRFAESI Proceeding had been initiated in respect of other loans as well. Despite giving sufficient time, the Petitioners/Appellants have not taken any steps for settling the loan due. As on today, the loan dues of all the three loans, is Rs. 1.80 crores (approximately). Pie requests time for producing 13(2) Demand Notice and 13(4) Possession Notice in respect of other loans.
Since it is submitted by Learned Counsel for Petitioners/ Appellants that possession is scheduled on 08.08.2025, this Tribunal directs Petitioners/Appellants to make pre-deposit of Rs. 10 Lakhs on or before 07.08.2025, as an interim measure.
If Petitioners/Appellants deposit the amount of Rs. 10 Lakhs on or before 07.08.2025, talcing of possession shall be deferred till next hearing date, and failing compliance, the Respondent Bank is at liberty to proceed further in a manner
Respondent Bank produces Section 13(2) Demand ’ Notice and Section 13(4) Possession Notice issued in respect of other two loans where the Petitioners/Appellants are borrowers/guarantors and the security interest is created on this property in those loans.
Call on 29.08.2025, for reporting compliance and hearing
on Waiver Application.
CHAIRPERSON! DRAT, CHENNAJ (IN-CHARGE, DRAT./fauMBAl)
PAM
1 issue framed by the court
Whether to grant waiver of statutory deposit for entertaining the appeal under Section 18(1) of the SARFAESI Act, 2002.
1 provisions across 1 enactments
Petitioners/Appellants
Respondent Bank
CHAIRPERSON DRAT CHENNAI
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
