M/s. Express Hotel and Ors v. Bank Of Baroda & Anr.
M/s. Express Hotel and Ors
…Appellant
…Respondent
Case No: Appeal Dairy No.1089/2023
Date of Judgement: 17/07/2023
Judges:
Mr Justice Ashok Menon, Chairperson
For Appellant: Mohit Agarwal, Advocates.
For Respondent: None.
Download Court Copy CLICK HERE
Facts:
Arguments by the Parties:
The Ld. Counsel for the Respondents submitted that the Appellants have not come up with clean hands, and there is no infirmity in any of the procedures initiated under the SARFAESI Act. The notice was properly served, there was no undervaluation as alleged, and the property was sold for the best available price, which would not have fetched more than the amount for which it was sold. Three attempts were made earlier to sell the property, and the sale was accomplished only on the third attempt, refuting the plea of undervaluation. The Appellants have not produced any documents to prove their financial strain, and the mere fact that one of the Appellants is suffering from a disease requiring treatment and expense does not exempt them from the pre-deposit amount being reduced.
The court found that the Appellants may probably have an arguable case, which would be considered while deciding the appeal. The Appellants will not be entitled to get the amount reduced to 25%, taking the threshold amount at ₹80,00,000/-. The court directed the Appellants to deposit a sum of ₹30,00,000/- as pre-deposit. The Ld. Counsel for the Appellants undertook to produce a demand draft for ₹5,00,000/- on 18.07.2023. The balance of ₹25,00,000/- shall be paid in two equal installments, with the first installment due on or before 07.08.2023 and the second installment due on or before 21.08.2023. Upon producing a demand draft for ₹5,00,000/- on 18.07.2023, the handing over of possession scheduled for 18.07.2023 shall stand deferred until the next date of hearing. In default of payment of the installments, the Appeal shall stand dismissed without any further reference to the Tribunal. The amounts shall be deposited in the form of a Demand Draft with the Registrar of the Tribunal and invested in term deposits in the name of the Registrar, DRAT, Mumbai, with any nationalized bank, initially for 13 months, and thereafter to be renewed periodically.
Cases Cited:
None
Sections and Laws Referred: