The Debt Recovery Appellate Tribunal allowed the withdrawal application, directing the registry to refund Rs.1.25 Lakhs along with accrued interest to the appellant as the amounts were not secured under the SARFAESI Act.
Registry directed to refund Rs.1.25 Lakhs along with accrued interest to the account details provided.
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DEBT RECOVERY APPELLATE TRIBUNAL-MUMBAI (SITTING AT -CHENNAI)
M.A. No. 41/2025(Withdrawal of Amount) In (Wise. Appeal Dy No. 1439/2023- Dismissed)
Dated: 23,06.2025
Though Learned Counsel for Respondent Bank submits that physical copy of counter has been sent to DRAT, Chennai, however, the same has not been received by the Registry DRAT. Chennai.
The only submission of Learned Counsel for Respondent Bank is that order passed in waiver application was not complied with by Petitioner/Appellant fully. The amount was deposited by Petitioncr/Appellant, but there is still huge amount due to the Respondent Bank towards its dues.
Considered the rival submissions and perused the records
Il is not in dispute that the order passed in waiver application was not complied with in full, end therefore, waiver application was dismissed and appeal was rejected. The amount deposited towards pre-deposit belongs to to the Petitioncr/Appellant, for the reason that it is neither secured debt nor security interest is created in this amount. There is no order of attachment under Section 13(10) of the SARFAESI .Act, 2002, in the proceedings. Therefore, Petitioncr/Appellant is entitled for refund of this amount with accrued interest, if any.
Therefore, this Application is allowed.
Registry, DRAT, Mumbai, is directed to refund Rs.1,25 Lakhs along with accrued interest, if any, to the account details
provided in the application. *
t OWVHRSW. OWT, CWWNAI ORAT, UVMtWtJ
MKS
1 issue framed by the court
Whether pre-deposit amount belongs to the applicant in absence of attachment under Section 13(10) of SARFAESI Act.
1 provisions across 1 enactments
Petitioner/Appellant
Respondent Bank
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
