M/s Tauschen Tradelink Pvt. Ltd. & Ors. v. Indian Bank & Anr.

…Appellant

…Respondent

Case No: Appeal on Diary No.1389/2023

Date of Judgement: 16/08/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Appellant: Mr Rajesh Nagory, i/b Mr Niraj Ashar, Advocate.

For Respondent: Ms Vaishali Bhilare, Mr. Hitesh Phulwani, Advocate.

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Facts:

Arguments by the Parties:

Arguments by the Appellants:

The Appellants contended that they had a prima facie case and were in a difficult financial position, having no means to pay the amount. They requested the Debts Recovery Appellate Tribunal to invoke its discretion under the third proviso of Section 18(1) of the SARFAESI Act and keep the mandatory pre-deposit at a minimum of 25% of the amount due.

Arguments by the Respondent Bank:

Arguments by Respondent No. 2 (Auction Purchaser):

The counsel for Respondent No. 2 (the auction purchaser) also vehemently opposed the application, stating that there were no grounds to sustain the S.A.

Cases Cited:

None

Sections and Laws Referred:

Section 13(2) of the SARFAESI Act

Section 13(4) of the SARFAESI Act

Section 18(1) of the SARFAESI Act (Third Proviso)