Harshlok Motors India Pvt. Ltd. & Ors. v. Kotak Mahindra Bank Ltd.

…Appellant

Kotak Mahindra Bank Ltd.

…Respondent

Case No: Appeal on Diary No. 845/2023

Date of Judgement: 05/10/2023

Judges:

Mr. Justice Ashok Menon, Chairperson

For Appellant: Mr. Puneet Gogad, i/b Mr. M.M. Avhad, Advocate.

For Respondent: Mr. R.L. Motwani, Advocate.

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Facts:

Arguments by the Appellants:

Arguments by the Respondent Bank:

The Respondent bank was represented by Mr. R.L. Motwani, Advocate.

According to Mr. Motwani, the outstanding amount after deducting the payment made by the Appellants as of the date is ₹3.32 crores, and therefore, the Appellants may not be granted any concession in the matter of making the mandatory pre-deposit.

Cases Cited:

Sections and Laws Referred:

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)

• • Section 13(2) (Notice of Demand)
  • Section 14 (Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset)
  • Section 18(1) (Right to appeal)

Conclusion:

Based on the above analysis, the Tribunal disposed of the I.A. No. 653/2023 with the following directions: