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2018 (11) TMI 985 - HC - Indian LawsWaiver of condition of deposit - Section 21 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 - Held that:- The pre-amendment provisions of Section 21 of the Act 1993 required the appellant to deposit 75% of the decreetal sum which the DRAT had the discretion to waive or reduce, depending upon the facts and circumstances of the individual case. The said Section came to be amended by substitution of certain expressions by Act 44 of 2016 w.e.f. 01.09.2016. By such amendment, the quantum of the amount of pre-deposit has been reduced to 50% in place of 75%; and the power of DRAT to waive has been restricted to the extent of 25% - the contention of the petitioner that the amendment is prospective in effect, is not acceptable. In the present case, the amendment has only trimmed the requirements of pre-deposit and waiver and else, the substratum of Section 21 is retained. In fact, in the principal provision, where earlier the requirement was of deposit to the extent of 75%, has been reduced to that of 50% and correlated with that, the power of the Appellate Tribunal to waive the condition of pre-deposit has been restricted to 25%. The amendment in question, for its nature and for the reasons indicated above, in our view, is required to be taken as retrospective in operation and applicable to all appeals to be filed before the DRAT. The Writ Petitions being devoid of merits, are dismissed.
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