Appeal filed under Section 18 of the SARFAESI Act against an interim order directing deposit of 50% of demanded amount. The court held remedy is available by filing an application before the Tribunal below as the securitization application is pending there.
present appeal disposed off
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Appeal Dy. No. 1911/2024 Date: 07.01.2025
United Life Kisan Producer Company Ltd. Vs. Bank of Baroda
Present: Shri Abhay Kumar Singh, counsel for the appellant, Smt. Savita Sethi, counsel for the respondent-Bank through V.C.,
Heard the learned counsels for the parties.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 05.12.2024 passed by the Tribunal below in S.A. No. 332/2024, wherein the appellant has been directed to deposit 50% of the demanded amount by 17.01.2025.
After hearing the learned counsel for the appellant and considering the facts and circumstances of the case, this court is of the opinion that since the securitization application is still pending before the Tribunal below, therefore, there is remedy open to the appellant by filing appropriate application for redressal of his grievances before the Tribunal below against the interim order. If such application is filed, this Tribunal has no doubt that the Tribunal below shall consider and decide the same in accordance with law most expeditiously preferably on the same day or within a week thereafter.
In view of the aforesaid, the present appeal is finally disposed off.
Justice R. D. Khare Chairperson
Anupam
2 issues framed by the court
Whether the present appeal be disposed of given the pending securitization application before the Tribunal below?
Whether there is a remedy open to the appellant for redressal of grievances against the interim order?
1 provisions across 1 enactments
United Life Kisan Producer Company Ltd.
Bank of Baroda
R. D. Khare
As recorded by the court registry
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