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Judgment
Ashok Menon, Chairperson
M.A. No. 566/2016 is an application for waiver of pre-deposit u/s 18 (1) of SARAESI Act.
Appellant is the auction purchaser for purchase of immovable property and is challenging the impugned order of DRT-III, Mumbai in S.A. No. 192/2013 dated 27.05.2016, regarding forfeiting of the amount deposited by him towards 25% of the sale consideration with Respondent No.1 Bank. Since Appellant is auction purchaser and a third party to the proceeding and he is neither a borrower nor guarantor, the provisions of Section 18 (1) of the SARFAESI Act would not apply to the present case, therefore, it is not necessary for the Appellant to make any pre-deposit for entertaining his Appeal. Hence, learned counsel for Appellant submits that the Appeal be heard without directing the Appellant to make any pre-deposit.
Learned counsel for Respondent No.1 agrees with above submission of the learned counsel for Appellant.
In view of above, M.A. No. 566/2016 is allowed and it is directed that Appellant is not required to make any pre-deposit for entertaining his Appeal.
Post on 24.05.2022 for hearing on main Appeal.