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SANJAY V. GANGAPURWALA, P. D. AUDIKESAVALU
Govindasamy Balasubramaniam – Appellant
Versus
Authorized Officer Indian Overseas Bank, Coimbatore – Respondent
JUDGMENT
(Prayer: Petition filed under Article 227 of the Constitution of India against the order dated 05.06.2023 passed in I.A.No.53 of 2023 in AIR (SA) No.462 of 2022 on the file of Debts Recovery Appellate Tribunal, Chennai.
Petition filed under Article 227 of the Constitution of India against the order dated 05.06.2023 passed in I.A.No.50 of 2023 in AIR (SA) No.461 of 2022 on the file of Debts Recovery Appellate Tribunal, Chennai.)
Sanjay V. Gangapurwala, C.J.
Common Order:
1. We have heard Mr.Srinath Sridevan, learned senior counsel for the petitioners; Mr.M.L.Ganesh, learned counsel for the first respondent; Mr.Imayavarambhan, learned counsel for the second respondent; Mr.K.S.Karthick Raja, learned counsel for the third respondent and Mr.A.M.Esakkiappan, learned counsel for the fourth respondent.
2. The petitioners herein had filed Securitization Applications challenging the possession notice and the sale before the Debts Recovery Tribunal, Coimbatore. The petitioners claim to be guarantors.
3. The petitioners had filed appeals before the Debts Recovery Appellate Tribunal, Chennai against the orders of the DRT. The DRT directed the petitioners to deposit Rs.9,47,25,692/- [Rupees Ni
Appeal – Any waiver of pre-deposit to entire extent would be against statutory provisions and not sustainable in law.
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....
Appeal – Quantum of pre-deposit cannot be more than apparent subject matter of appeal.Case Referred:
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