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Judgment
Misc. Application No. 01/2026
This application is filed by the petitioner/applicant under Rule 22 of the DRT (Procedure), Rules, 1994, seeking refund of pre-deposit made by the petitioner/Applicant vide Diary No. 671 dated 11.04.2023 lying in this Tribunal.
Ld. Counsel for the petitioner/applicant submitted that the petitioner/applicant filed I.A. No. 68/2022 in Appeal No. 167/2022 for waiver of pre-deposit. This Tribunal passed an order directing the petitioner/applicant to make 50% of pre-deposit of Rs. 5,28,06,558.94. The petitioner/applicant could deposit only Rs.90.00 lakhs being 25% of pre-deposit, and he could not deposit the balance pre-deposit amount, therefore, appeal was dismissed on 25.11.2024. In the said background, this application is filed for release of pre-deposit amount along with accrued interest.
Ld. Counsel for the respondent bank submitted that respondent has no objection for refund of the pre-deposit amount to the applicant in view of the disposal of the appeal.
Pre-deposit amount is neither secured debt nor security interest is created on this amount. There is no order of attachment under Section 13(10) of the SARFAESI Act, 2002 in the proceedings. Therefore, this amount is liable to be refunded to the petitioner/applicant on the disposal of appeal.
Accordingly, this application is allowed. Registry, DRAT, Delhi is directed to refund of the pre-deposit amount along with accrued interest, if any, to the petitioner/applicant immediately.
File be consigned to record room.