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Head Note

Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002  - Pre Deposit

Appeal - Pre Deposit - Interim order by DRAT to deposit Rs. 65 lakhs by petitioner as pre deposit - Writ Petition filed in Apex Court - and in pursuance of an interim order passed by the Apex Court, a sum of Rs.2 crores has been paid by the petitioners to the respondent-Bank and the said amount has been kept in a separate account by the respondent-Bank - Held that it would not be necessary for the petitioners to pay a further sum of Rs.65 lakhs as directed by the Tribunal -Tribunal shall decide the appeal which is pending before it, preferably within three months - During the pendency of afore- stated appeal before the DRAT, no coercive steps shall be taken for recovery of the amount under the provisions of the SARFAESI Act.

Topic(s)-SARFAESI - Pre Deposit