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TMI Blog2017 (3) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... 6015/2015, whereby the learned DRAT dismissed an appeal against an order dated 20.08.2013, of the Debt Recovery Tribunal (DRT) II, Delhi, under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the SARFAESI Act, on the ground of non-compliance with an earlier direction issued on 13.10.2015 to the petitioner for deposit of 25% of the amount directed to be paid by the order under appeal. 2. The petitioner No.1 is a proprietorship concern of B.M.Sarin (HUF), a Hindu Undivided Family, of which the petitioner No.2 Shri B.M. Sarin is the karta. The petitioner nos. 3 and 4 are co-parceners of BM Sarin (HUF). The petitioner no.1 is duly registered with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lities to the secured creditor within sixty days from the date of notice failing which the secured creditor shall be entitled to exercise all or any of the rights under subsection (4). (3) The notice referred to in sub-section (2) shall give details of the amount payable by the borrower and the secured assets intended to be enforced by the secured creditor in the event of non-payment of secured debts by the borrower. (3A) If, on receipt of the notice under sub-section (2), the borrower makes any representation or raises any objection, the secured creditor shall consider such representation or objection and if the secured creditor comes to the conclusion that such representation or objection is not acceptable or tenable, he shall communica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manage the secured assets the possession of which has been taken over by the secured creditor; (d) require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the money as is sufficient to pay the secured debt. (5) Any payment made by any person referred to in clause (d) of sub-section (4) to the secured creditor shall give such person a valid discharge as if he has made payment to the borrower." 6. On or about 19.4.2011, Indian Bank issued a notice to the petitioner no.1 under Section 13(2) of the SARFAESI Act, calling upon the petitioner no.1 to pay the amount claimed in the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 13 to be in accordance with the provisions of the SARFAESI Act and the rules made thereunder, then, notwithstanding anything contained in any other law for the time being in force, the secured creditor shall be entitled to take recourse to one or more of the measures specified under sub Section (4) of Section 13 to recover his secured debt. 11. Section 18 of the SARFAESI Act provides as follows:- "18. Appeal to Appellate Tribunal (1) Any person aggrieved, by any order made by the Debts Recovery Tribunal under section 17, may prefer an appeal alongwith such fee, as may be prescribed to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal: PROVIDED that different fees may be pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in writing waive or reduce the amount to be deposited under this section." 13. Under Section 21 of the 1993 Debt Recovery Act, an appeal is not to be entertained by the Appellate Tribunal, unless the person preferring the appeal has deposited 75% of the amount of the debt due from him as determined by the Tribunal under Section 19. In terms of the proviso, the Appellate Tribunal may for reasons to be recorded in writing waive or reduce the amount to be deposited under the said section. Unlike Section 18 of the 1993 Debt Recovery Act, Section 18 of the SARFAESI Act does not permit full waiver. 14. In Narain Chandra Ghose Vs. UCO Bank and Ors. reported in (2011) 4 SCC 548, the Supreme Court held that the condition of pre-deposit for enter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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