Sri Srikanth Reddy Kasu vs The A.O. Bank of India & Ors.

Heard the Learned Counsel for the Applicant as well as the Respondents and perused the records. Instant Application Misc. Application Dy. No. 420 of 2024 is filed for refund of the pre-deposit amount deposited by the Appellants in Appeal No. 43 of 2023 (Sri Srikanth Reddy Kasu versus The Authorised Officer, Bank of India and others) decided on 22^nd April, 2024. Thereafter, this Application is moved for refund of the pre-deposit amount which were deposited by the Appellants in compliance of the order dated 18.01.2023. Certain amount of Rs.35,22,430/- was deposited. It is submitted that the order in Appeal is challenged before the Hon’ble Telangana High Court in W.P. No. 14351 of 2024 and 12412 of 2024. Since the pre-deposit was made under Section 18 of the SARFAESI Act, 2002 and the Appeal is decided by this Appellate Tribunal, although the judgment in Appeal is under challenge before the Hon’ble High Court, but Appellant is entitled for refund of the amount of pre-deposit. Accordingly, Misc. Application Dy. No. 420 of 2024 is allowed. Let the amount deposited by the Appellant as pre-deposit be refunded.

Registry is directed to refund the pre-deposit amount to the Appellant in accordance with the provisions of law.