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Judgment
Ashok Menon, Chairperson
The matter is taken up for hearing by way of a praecipe filed by appellants for seeking urgent relief.
The application for waiver of deposit has come up for hearing before this Tribunal today.
It is submitted by the Ld. Counsel appearing for the appellants that the entire dues have been paid, a “no due certificate” has been issued and the mortgage has been released but the appeal is on the point of an excess amount maintained by the bank which actually should have been refunded to the appellants.
The Debts Recovery Tribunal – II, Mumbai (D.R.T) was not enthused with the submission made by the appellants and hence, rejected the S.A. as also the claim for refund of the excess amount. The appellant is aggrieved and hence, in appeal.
Since there are admittedly no dues payable, the appellant may not have to pay any pre-deposit as contemplated u/s. 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (“ the SARFAESI Act” for short) and hence, I.A. No. 549/2024 is allowed and the pre-deposit is waived. The appeal shall be taken on file if there are no other defects to be cured.
The respondent is at liberty to file a reply.
Post on 11.09.2024 before the Registrar.