Mrs.Malliga V/S BOB

A.IR:954/2011

A 1472/11 (waiver);  Ld.  Counsel Shri Senthil Kumar appearing on behalf of the  petitioner stated that the respondent bank can claim only to the extent of the value of the secured asset and that the provisions of the SARFAESI Act only permit that.  

He further stated that the petitioner is a lady and that if this Tribunal imposes a condition of pre-deposit of a sum equivalent to 50% of the amount claimed by the bank the petitioner would be put to hardship and suffering. 

Ld.  Counsel added that  the amount for  the pre-deposit may be reckoned from the value of the secured asset and that the petitioner may be directed to deposit 25% of that value towards the pre-deposit.  Ld.  Counsel pleaded for sympathy and added that suitable orders may be passed.

Ld. Counsel Shri Manohar appearing on behalf of the respondent bank stated that the debt due to the respondent bank is Rs.20.73 crores and that the petitioner may be directed to deposit at least 50% of the said sum in order to meet out the requirement under Sec.18 of the SARFADSI Act.

Heard both sides.

In view of the facts and circumstances of the case  the following order is passed.

“The petitioner is directed to deposit Rs.5.18 crores into this Tribunal on or before 5.3.2012.  Call this IA on 6.3.2012 for verification of the compliance.  In the meanwhile there shall be an order of restraint upon the Authorised Officer from in any way proceeding any further under the provisions of the SARFAESI Act in any manner till 6.3.2012.”

IA 1473/11 (stay); Call with IA 1472/11 on 6.3.2012.


The Chair Person of DRAT Chennai passed this order on 13th Dec 2011