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VIBHU BAKHRU, AMIT MAHAJAN
Ram Chandra Omer And Another – Appellant
Versus
State Bank of India – Respondent
JUDGMENT
Vibhu Bakhru, J. (Oral) - The petitioners have filed the present petition impugning an order dated 23.05.2023 (hereafter `impugned order'), passed by the learned Debts Recovery Appellate Tribunal, Delhi (hereafter `DRAT'), in Misc. Appeal No. 14/2023.
2. The petitioners had filed the said appeal against an order dated 20.01.2023, passed by the learned Debts Recovery Tribunal-II, Delhi (hereafter `DRT'), whereby the petitioner's application for interim relief in the Securitisation Application, being S.A. No. 372/2022, was declined.
3. By the impugned order, the learned DRAT had declined to entertain the petitioner's appeal on the ground that the petitioner had failed to make the pre-deposit quantified at 25% of the amount as claimed by the respondent (hereafter `SBI').
4. SBI had issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (`SARFAESI Act'), seeking recovery of an amount of Rs.31.26 crores, along with interest. This was in respect of the financial assistance extended by SBI to Nice Projects Private Limited (hereafter `the principal borrower'). The petitioners had guaranteed the re
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 ....
Non-borrowers cannot be subjected to pre-deposit requirements under Section 18 of the SARFAESI Act, confirming strict adherence to statutory definitions.
Pre-deposit under Section 18 of the SARFAESI Act is a mandatory requirement for maintaining an appeal before the Appellate Tribunal, and it cannot be completely waived even in the face of financial h....
SARFAESI Act Section 18(1) mandates 50% pre-deposit of debt as claimed by secured creditor if not quantified by DRT, reducible to 25%.
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....
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