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MANMOHAN, MANMEET PRITAM SINGH ARORA
Golden Netsoft Pvt Ltd. – Appellant
Versus
Hdfc Bank Ltd. And Ors – Respondent
JUDGMENT
Manmohan, A.C.J. (Oral)
CM APPL. 17825/2024 (for exemption)
Allowed, subject to all just exceptions.
Accordingly, the present application stands disposed of.
W.P.(C) 4344/2024 & CM APPL. 17824/2024
1. The present writ petition has been filed under Article 226 of the Constitution of India impugning the order dated 29th February, 2024 (`impugned order') passed by the Debts Recovery Appellate Tribunal, New Delhi (`DRAT') in I.A. No. 139/2024 in Misc. Appeal No. 49/2024 titled as Golden Netsoft Pvt. Ltd. Vs. HDFC Bank Ltd. & Ors. to the extent of the directions for deposit of a sum of Rs. 6 Crores as pre-deposit under Section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (`SARFAESI Act' or `Act of 2002').
2. Learned senior counsel for the Petitioner states that the DRAT on incorrect interpretation of second proviso of Section 18 of the Act of 2002 has erroneously considered Rs. 14.06 Crores as the basis for calculating the pre-deposit amount. He states that in fact the relevant amount for consideration should have been Rs. 6.26 Crores in terms of the notice dated 11th December, 2015 issued under Section 13(2) of the
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....
SARFAESI Act Section 18(1) mandates 50% pre-deposit of debt as claimed by secured creditor if not quantified by DRT, reducible to 25%.
Appeal – Any waiver of pre-deposit to entire extent would be against statutory provisions and not sustainable in law.
Appeal – Quantum of pre-deposit cannot be more than apparent subject matter of appeal.Case Referred:
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