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2013 (6) TMI 76 - HC - Indian LawsDebts Recovery - action under SARFAESI Act - stay - held that:- requirement of deposit of 75% of amount claimed before entertaining an appeal (petition) under Section 17 of the Act is an oppressive, onerous and arbitrary condition against all the canons of reasonableness. Such a condition is invalid and it is liable to be struck down. After a detailed examination of the whole issues, the Apex Court in Mardia Chemicals Ltd. Versus Union of India [2004 (4) TMI 294 - SUPREME COURT OF INDIA] has upheld the validity of the Act except that of Section 17(12). - Despite this, counsel contended that the issues raised by the petitioners in these writ petitions were not considered by the Apex Court and therefore, according to him, this Court should go into the validity of the provisions of the Act once again. - This judgment is a complete answer to the contentions raised by the learned counsel for the petitioners.
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