Back
VIBHU BAKHRU, AMIT MAHAJAN
Rajveer Singh – Appellant
Versus
Pnb Housing Finance Limited – Respondent
JUDGMENT
Vibhu Bakhru, J. The petitioners have filed the present petition impugning an order dated 28.04.2023 passed by the Debts Recovery Appellate Tribunal (hereafter `the DRAT') in appeal no.123/2023 captioned Rajveer Singh & Anr. v. PNB Housing Finance Ltd. & Anr.
2. In terms of the impugned order, the hearing of said appeal was deferred enabling the learned counsel for the appellants (petitioners herein) to take instructions regarding compliance with the requirement of pre-deposit.
3. The petitioners contend that there is no requirement for making further pre-deposit as the amount paid by the auction purchaser which was accepted and adjusted by the respondent company (PNB Housing Finance Ltd.) exceeds the amount of debt as claimed by the respondent company. The petitioners have supported the aforesaid contention on the basis of the following facts which are reproduced below:
| Credit facility granted by Respondent FI to Petitioners in February/March 2013 was for | Rs.5,25,34,999/- |
| Payments made by Petitioners till August, 2018 amount to | Rs.4,83,00,000/- |
| Amount due as per notice dated 16/11/2015 under section 13(2) of the Act and as mentioned in Auction notice dated 26/12/2022 | Rs.5,13 |
The amount paid by the auction purchaser cannot be adjusted against the debt due for the purpose of calculating the amount of pre-deposit, as per the settled legal principle established by the Suprem....
Appeal – Quantum of pre-deposit cannot be more than apparent subject matter of appeal.Case Referred:
The obligation to make a pre-deposit under the SARFAESI Act is strictly on the borrower, and amounts paid by others cannot be appropriated towards this requirement unless the borrower accepts the sal....
The interpretation of 'debt due' under Section 18(1) of the SARFAESI Act, 2002 includes the liability inclusive of interest amount as claimed by the bank, and the tribunal has the discretion to relax....
The pre-deposit under Section 18 of the SARFAESI Act is to be computed based on the debt claimed by the secured creditor and cannot be influenced by contentious issues such as the resolution plan or ....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
