AI Structured Summary
Not yet generated for this judgment
Judgment
Ashok Menon, Chairperson
M.A. No. 41 of 2023 is an application filed by the Appellants to withdraw the amount deposited under Sec. 18 of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’, for short) as mandatory pre-deposit.
The Respondent Bank has filed an objection to the withdrawal of the amount stating that a sum of ₹9,58,887.97 is still outstanding to be realised from the Appellants towards debt due and therefore, the amount cannot be ordered to be released. There is no lien over the amount which is deposited only for the purpose of entertaining the appeal. This matter is no longer res integra and has been decided by the Hon’ble Supreme Court in Axis Bank vs. SBS Organics Private Ltd. & Anr. (2016) 12 SCC 18. Since there is no order of attachment obtained by the Respondent Bank, the application is only to be allowed and therefore, M.A. No. 41 of 2023 is allowed and the Registry is directed to release the amount in deposit together with accrued interest to Applicant No. 1 on due acknowledgement.