…Appellant

Company Ltd.

…Respondent

Case No: Appeal on Diary No. 1507/2023

Date of Judgement: 31/08/2023

Judges:

Mr. Justice Ashok Menon, Chairperson

For Respondent: An Advocate for the Respondent is present.

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Facts

Arguments by the Appellants

Arguments by the Respondent

Order by the Tribunal

The Tribunal fixed the amount payable as pre-deposit at ₹30 lakhs. The Appellants produced a demand draft of ₹12.5 lakhs on the same day, and the balance amount of ₹17.5 lakhs shall be payable within four weeks, i.e., on or before 29.09.2023. In view of the Appellants producing the demand draft for ₹12.5 lakhs, the further SARFAESI measures shall stand stalled until the next date of hearing before the bench. The amount shall be deposited in the form of a Demand Draft with the Registrar of the Tribunal. The deposited amounts shall be invested in term deposits in the name of the Registrar, DRAT, Mumbai, with any nationalized bank, initially for 13 months, and then renewed periodically. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side. The matter is posted for 03.10.2023 for reporting compliance.

Sections and Laws Referred

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