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Judgment
S. Ravi Kumar, Chairperson
As per Order in IA 509/2023, Waiver Application is taken up for hearing.
This Application is filed seeking waiver of statutory deposit required under Section 18 (1) of the SARFAESI Act, 2002, for entertaining the Appeal.
Heard both sides.
Advocate for Petitioner/Appellant submitted that the Petitioner/Appellant deposited entire amount in the Bank, therefore, there is no need to make any deposit, for entertaining the Appeal.
Advocate for first Respondent Bank represented that the money deposited by Petitioner/Appellant is not accepted by Bank and Demand Drafts (DDs) are lying with Bank, in spite of making a request to Petitioner/Appellant to take them back.
As per Section 18(1) of SARFAESI Act, 2002, for entertaining the Appeal, it is mandatory for Appellant to deposit 50% of the amount claimed by Secured Creditor or debt determined by DRT, in this Tribunal. This Tribunal is vested with power to reduce it upto 25% by recording reasons. Unless the amount is deposited here before Appellate Tribunal, the Appeal cannot be entertained.
When it was put to Advocate for Petitioner/Appellant, to get back money from Bank and deposit the same before this Tribunal, he represented that money is already deposited in Bank and necessary orders may be passed.
As 50% of amount demanded by Secured Creditor is not deposited, the Appeal cannot be entertained. Hence, IA 135/2023 (Waiver) is dismissed. Consequently, Appeal A.IR (SA) : 219/2023 is rejected. All pending IAs, if any, stand closed.