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Judgment
Ashok Menon, Chairperson
I.A. No. 81/2021 is an application filed by Appellants for waiver of pre-deposi u/s 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act).
The total amount which the Appellants were called upon to pay vide notice dated 29.12.2018 u/s 13 (2) of the SARFAESI Act is Rs.1,14,00,405.05 which was to be paid within a period of 60 days from the date of receipt of the said notice. Further interest on the said amount has also accrued.
The id. counsel appearing for Respondent Bank submits that as the Appellants have deposited an amount of Rs.15 Lakhs directly with the Respondent Bank to avail the benefits of the O.T.S. and an amount of Rs.25 Lakhs was deposited before the Hon'ble High Court of Gujarat, in the proceeding connected with the matter and Hon'ble High Court of Gujarat has permitted the Appellant —° Petitioner to withdraw that amount. There is interim stay granted by Hon'ble High Court of Gujarat till 28.03.2022 preventing the creditor bank from handing over possession to the auction purchaser.
Ld. Counsel appearing for Appellants submits that Rs.15 Lakhs deposited before the Bank and Rs.25 Lakhs before the Hon'ble High Court of Gujarat which is yet to be withdrawn and to be deposited before this Tribunal may also be considered for the statutory requirement and it would be more than 25% the minimum as required by the statute for entertaining this Appeal. Hence, he seeks waiver of the deposit to the tune of 50%.
IA. Counsel appearing for Bank submits that from out of Rs.15 Lakhs deposited with the Bank, Rs.2 Lakhs has gone to National Defence Fund as per the order of the DRT and the Bank has actually received only Rs.13 Lakhs, and regarding Rs.25 Lakhs deposited before the Hon'ble High Court of Gujarat, it is not known whether that amount has already been withdrawn by the Appellant. Unless that amount also is deposited before this Tribunal, granting of waiver cannot be considered by this Appellate Tribunal, submits the learned counsel for the Bank.
Taking into consideration the submissions of both sides, I find that waiver can be allowed taking into consideration the amount of Rs.13 Lakhs which deposited directly by the with the Bank and Rs.25 Lakhs deposited before the Hon'ble High Court of Gujarat, provided the Appellants withdraws that amount from the Hon'ble High Court of Gujarat and deposits it before the Registrar of this Tribunal on or before 28.03.2022.
The stay application which the Appellants have filed shall be taken up for hearing provided the above amount of Rs.25 Lakhs is deposited before the Registrar of this Tribunal, as directed.
Post on 28.03.2022 for compliance/hearing on stay application.