M/s. Wateredge Hospitality Pvt. Ltd. & Ors. v. State Bank of India

…Appellant

State Bank of India

…Respondent

Case No: Misc. Appeal No. 97/2023

Date of Judgement: 20/11/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Appellant: Mr Herbert A. Noronha, Advocate.

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Facts

Arguments by the Parties

The Appellants argued that their hotel business failed due to CRZ Regulations preventing completion of the proposed hotel construction. They requested the Respondent Bank to restructure the loan due to financial strain which was evident from their income tax returns.

Condonation of Delay Application

Prima Facie Case

Threshold Amount for Pre-deposit Calculation

Sections and Laws Referred

Cases Cited

Conclusion

Based on the above analysis, DRAT concluded that there was no need for further directions regarding pre-deposit already made by the Appellants. It directed the Respondent Bank to file a reply to the appeal and get ready for hearing on 07/02/2024. The SARFAESI measures were stayed till the hearing of the appeal.