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Judgment
R. D. Khare, Chairperson
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 03.04.2024 passed by the Tribunal below in S.A. No. 367/2020, whereby the appellant has been directed to deposit Rs. 25.00 lacs within two months and subject to the said deposit, the order passed by the District Magistrate for taking possession has been kept in abeyance.
It is further contended that against the notice under section 13(2) of the SARFAESI Act was issued for Rs. 98,97,640/-, the appellant has deposited Rs. 17.00 lacs with the Bank on 09.01.2023 and further a sum of Rs. 8.00 lacs before this Tribunal, thus, a total sum of Rs. 25.00 lacs has been deposited, which is 25% of the demanded amount. The further contention of the appellant is that against the dues of Rs. 98,97,640/-, the appellant has already deposited Rs. 25.00 lacs, therefore, the direction for deposit of 25% of the amount due within 2 months is absolutely bad in law, therefore, it is prayed that no further amount is required to be deposited.
Learned counsel for the appellant contends that the Tribunal below has failed to consider the objection of the appellant that Rs. 17.00 lacs has already been deposited, which has not been considered and the notice under section 13(2) of the SARFAESI Act has not been given to the guarantor and the affidavit, which was relied upon, was not pertaining to the present case, whereas it was pertaining to some other case i.e. Kuber Trading Company, therefore, the same could not have been relied upon and without considering all the objections, condition of deposit has been imposed. In support of his contention, learned counsel has relied upon the judgment passed by the Hon’ble Apex Court in Civil Misc. Writ Petition No. 8377 of 2012 - M/s Shyam Ice & Cold Storage (P) Ltd. & Ors. Vs. M/s Syndicate Bank & Anr., decided on 29.02.2012.
After hearing the learned counsel for the appellant and considering the facts and circumstances of the case, this court is of the opinion that since the S.A. is still pending before the Tribunal below, therefore, there is remedy open to the appellant by filing appropriate application for redressal of his grievances before the Tribunal below. If such application is filed, this Tribunal has no doubt that the Tribunal below shall consider and decide the same in accordance with law.
In view of the aforesaid, the present appeal is finally disposed off.