Dismissing an appeal in Axis Bank v SBS Organics Private Limited & Anr the Supreme Court held that a partial deposit held by the Debt Recovery Appellate Tribunal (DRAT) as a pre-condition for considering an appeal on merits in terms of section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, is not a secured asset.
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The dispute digest 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.
