Bharati Surendra Khandhar v. Pegasus Assets Reconstruction Pvt. Ltd. & Ors.

Bharati Surendra Khandhar

…Appellant

…Respondent

Case No: Appeal on Diary No. 1083/2023

Date of Judgement: 13/09/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Appellant: Mr Bhavek Manek along with Mr V.N. Ajikumar, Advocate.

For Respondent: Mr Rishabh Shah along with Mr Nishant Rana, i/b M/s. Zastriya Legal, Advocate.

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Facts:

Arguments by All Parties:

The Respondent contended that the demand notice under Section 13(2) demanded a sum of ₹16,66,92,015.58, and the Appellant had not pleaded any ground of financial strain or established a prima facie case in her favor to earn a favorable order for reducing the mandatory pre-deposit. The Respondent argued that the Appellant should be directed to deposit 50% of the demanded amount as a pre-deposit.

Cases Cited:

None

Sections and Laws Referred:

Section 13(2) of the SARFAESI Act

Section 14 of the SARFAESI Act

Section 91 of the Maharashtra Co-operative Societies Act (MCS Act)

Section 133 of the Indian Contract Act