Can the Debt Recovery Appellate Tribunal (DRAT) exempt an appellant from depositing a required amount of the debt in question before entertaining an appeal?
Ruling in Narayan Chandra Ghosh v UCO Bank & Ors, the Supreme Court recently held that the requirement of pre-deposit under sub-section (1) of section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, is mandatory.
As such, the court held: “no court, much less the Appellate Tribunal, a creature of the Act itself, can refuse to give full effect to the provisions of the Statute.”
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The update of court judgments is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
