ARVIND AGGARWAL Vs. PUNJAB NATIONAL BANK AND ORS.

JUDGEMENT

(1.) PETITIONER is aggrieved by the order dated 08.10.2015 passed by the Debts Recovery Appellate Tribunal(hereinafter referred to for short as 'DRT'), by which the petitioner has been directed to make a pre -deposit of 25% of the notice amount to enable the Tribunal to hear the appeal.

(2.) MR . Bhatia, learned counsel for the petitioner submits that the order with respect to pre -deposit for 25% of the notice amount is harsh as the Tribunal has failed to consider that a fraud has been played by the principal borrowers in connivance with the officers of the Bank upon the petitioner. It is contended that the petitioner did not stand as a guarantor and neither mortgaged any immovable property in favour of the Bank.

(3.) WE have heard learned counsel for the parties. Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(SARFAESI Act) reads as under: