SHANKAR JIANDRAI DEWANI AND ORS. Vs. HONGKONG & SHANGHAI BANKING CORP. LTD. (HSBC)
LAWS(DR)-2014-11-3
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on November 24,2014

Shankar Jiandrai Dewani And Ors. Appellant
VERSUS
Hongkong And Shanghai Banking Corp. Ltd. (Hsbc) Respondents

JUDGEMENT

A. Arumugasamy, J. (Chairperson) - (1.) THE matter has been taken up on the Praecipe moved by the appellants. The appellants have filed M.A. No. 836/2014 i.e. application for waiver of deposit while entertaining his appeal.
(2.) THE learned Counsel for the appellants contends that the appellants have already deposited Rs. 1.30 lacs before filing the S.A. No. 378 (A)/2013 but after issuance of notice under Section 13(2) of the SARFAESI Act and Rs. 7.00 lacs as per direction of the DRT -III, Mumbai. Thus, the appellant has deposited Rs. 8.30 lacs. The amount claimed in the notice issued under Section 13(2) of the SARFAESI Act is Rs. 19.10 lacs. In this way, the appellants have deposited major portion of the claimed amount. The learned Counsel, therefore, requests that his appeal be heard on merit without directing him to deposit any amount towards pre -deposit. The learned Counsel for the respondent though admits that appellants have deposited aforesaid amount in DRT, but she requested that appellants be directed to deposit sum more amount i.e. to cover at least 50% of the claimed amount.
(3.) IN view of above, since the appellants have already deposited major portion of the claimed amount, I am of the view that appellants are not required to deposit any more amount for entertaining their appeal. M.A. No. 836/2014 stands allowed and the appeal is being heard without directing the appellants to deposit any more amounts.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.