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Judgment
Ashok Menon, Chairperson
The matter is taken up for hearing by way of Praecipe filed on 20. 09.2022 by the Appellants seeking urgent relief.
The Respondent appears through counsel and seeks time to file a reply to the application on waiver of deposit.
The Ld. Counsel appearing for the Appellants submits that the Appellant is depositing ₹1.00 Crore today, which may be considered towards pre-deposit under proviso to Sec. 18(1) of the SARFAESI Act, and an ad-interim order may be passed to restrain the property that has been auctioned from being handed over to the auction purchaser.
The Ld. Counsel appearing for the Respondent has opposed this. We are now concerned with the application for a waiver of deposit. The Demand made as per Notice under Sec. 13(2) is ₹ 2.39 Crores. Since the Appellant is offering to deposit a sum of ₹1.00 Crore affront and further submits that ₹62 Lakhs has already been paid consequent to the demand notice, an ad-interim order of stay is granted with regards to further Sarfaesi measures and handing over the property to the auction purchaser till the application for waiver of the deposit is heard on merits, is justified.
The reply, if any, shall be filed within three weeks.
The demand draft for an amount of ₹1.00 Crore shall be accepted by the Registry, and invested in the name of the Registrar, DRAT, Mumbai with a nationalised bank, initially for a period of 13 months and thereafter be renewed periodically.
Post on 01.11.2022 for hearing on I.A. No. 460/2022 i.e. waiver of deposit.