Srikanth Reddy Kasu v. Bank of India
Case brief
What is this about?
The Debt Recovery Appellate Tribunal allowed a miscellaneous application for the refund of pre-deposit amounts paid under Section 18 of the SARFAESI Act, 2002, rulesthat the fund should be refunded to the appellant despite pending high court challenges to the main appeal. The registry is directed to process the refund.
What did the court decide?
The pre-deposit amount was ordered to be refunded to the appellant by the registry.
B IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
Misc. Application Dy. No. 420 of 2024
Order No.36 07.04.2026
Sri Srikanth Reddy Kasu ……Appellant -Vs-
The A.O. Bank of India & Ors. … Respondents
Mr. Debasish Karmakar, Learned Counsel, Mr. Arya Nandi, Learned Counsel Mr. Satyam Ojha, Learned Counsel for the Appellants.
Ms. C.H. Laxmi, Learned Counsel for the Respondent (virtual)
THE APPELLATE TRIBUNAL :
Heard the Learned Counsel for the Applicant as well as the Respondents and perused the records. Instant Application Misc. Application Dy. No. 420 of 2024 is filed for refund of the pre-deposit amount deposited by the Appellants in Appeal No. 43 of 2023 ( Sri Srikanth Reddy Kasu versus The Authorised Officer, Bank of India and others ) decided on 22nd April, 2024. Thereafter, this Application is moved for refund of the pre-deposit amount which were deposited by the Appellants in compliance of the order dated 18.01.2023. Certain amount of Rs.35,22,430/- was deposited. It is submitted that the order in Appeal is challenged before the Hon’ble Telangana High Court in W.P. No. 14351 of 2024 and 12412 of 2024. Since the pre-deposit was made under Section 18 of the SARFAESI Act, 2002 and the Appeal is decided by this Appellate Tribunal, although the judgment in Appeal is under challenge before the Hon’ble High Court, but Appellant is entitled for refund of the amount of pre-deposit. Accordingly, Misc.
Issues for consideration
1 issue framed by the court
Whether the appellant is entitled to a refund of the pre-deposit made under Section 18 of the SARFAESI Act, 2002 after the appeal is decided by this Tribunal despite pending challenges before the High
Parties & counsel
- appellant
Sri Srikanth Reddy Kasu
- respondent
The A.O. Bank of India
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · April
- CNR
- 191090004202024
- Topic
- Specific Performance
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