GOLDEN NETSOFT PVT LTD. Vs. HDFC BANK LTD.

JUDGEMENT

(1.) The present writ petition has been filed under Article 226 of the Constitution of India impugning the order dtd. 29/2/2024 ('impugned order') passed by the Debts Recovery Appellate Tribunal, New Delhi ('DRAT') in I.A. No. 139/2024 in Misc. Appeal No. 49/2024 titled as Golden Netsoft Pvt. Ltd. Vs. HDFC Bank Ltd. & Ors. to the extent of the directions for deposit of a sum of Rs.6.00 Crores as pre-deposit under Sec. 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act' or 'Act of 2002').

(2.) Learned senior counsel for the Petitioner states that the DRAT on incorrect interpretation of second proviso of Sec. 18 of the Act of 2002 has erroneously considered Rs.14.06 Crores as the basis for calculating the pre-deposit amount. He states that in fact the relevant amount for consideration should have been Rs.6.26 Crores in terms of the notice dtd. 11/12/2015 issued under Sec. 13(2) of the Act of 2002.

(3.) In reply, learned senior counsel for the Respondent No. 1 Bank, who appears on advance notice, states that in the sale notice dtd. 19/5/2023, the Respondent No. 1-Bank has raised a demand of Rs.14,06,26,413.00 Crores on the Petitioner. He states that this was the amount due and payable as on 21/10/2022 and the said demand was raised after duly adjusting the amounts which stood recovered from the Petitioner. He states that therefore, the plea of adjustment of an amount of Rs.2.45 crores towards pre-deposit is without any merit.