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Judgment
R. D. Khare, Chairperson
Heard the learned counsel for the appellants.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 02.05.2023 passed by the DRT, Jabalpur in S.A. No. 345/2021. The report of the Registrar dated 17.05.2023 shows that I.A. No. 383/2023 being urgency application and I.A. No. 384/2023 being waiver application have been filed.
Since the matter has been taken up today, therefore the urgency application being I.A. No. 383/2023 has become infructuous and is disposed off as such.
Learned counsel for the appellant contends that vide order impugned, the appellant had been directed to deposit Rs. 2.00 crores within the time as specified in the said order, but the learned counsel contends that till 24.02.2023, the appellant had already deposited Rs. 1,52,00,625/-, which is recorded in the report of the Registrar dated 17.05.2023. The said report further records that the said amount is more than 25% of the amount due, therefore, the counsel for the appellant has stated before the Registrar that the condition of pre-deposit needs to be waived.
Learned counsel for the appellant also contends that after filing the present appeal, the appellant has deposited a further sum of Rs. 10.00 lacs with the bank on 15.05.2023 vide demand draft no. 500625, photocopy of which has been produced before this Tribunal, which is taken on record.
Learned counsel for the appellant has further contended that the Bank has also issued no objection certificate with regard to the mortgaged property on 17.05.2023, copy of which has been produced before this Tribunal, which is taken on record.
Learned counsel for the appellant contends that he had moved an application for grant of some further time to deposit the remaining balance amount pursuant to the order dated 06.12.2022, but the same has been rejected vide the order impugned. However, the respondent-Bank has intimated vide letter dated 17.05.2023 that in case the remaining amount is not deposited by the appellant till 04.06.2023, the Bank shall be at liberty to take appropriate legal action against the appellant and the guarantor at his cost.
Since the appellant has already been given time by the respondent-Bank to deposit the remaining amount by 04.06.2023 vide letter dated 17.05.2023, therefore, no order granting the time to deposit the remaining amount is required to be passed at this stage. Hence, the appellant may comply with the letter dated 17.05.2023 issued by the Bank and if the appellant does not deposit the amount within the time as granted by the Bank, the respondent-Bank will be free to take legal action against the borrower/guarantor in accordance with law.
Accordingly, the appeal stands disposed off.