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M/s. Annai Appliance Manufacturing P. Ltd., Rep. By its Managing Director Kailesh Raja, Coimbatore & Others v/s M/s. Canara Bank, Rep. By its Authorised Officer, Coimbatore & Another


Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209WB1984PLC037758

Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209GJ1984PLC098951

Company & Directors' Information:- BANK OF INDIA LIMITED [Active] CIN = U99999MH1906PLC000243

Company & Directors' Information:- INDIA MANUFACTURING CORPORATION PRIVATE LIMITED [Active] CIN = U24100DL2010PTC198947

Company & Directors' Information:- S I A MANUFACTURING PRIVATE LIMITED [Active] CIN = U74120UP2013PTC057004

Company & Directors' Information:- S K M MANUFACTURING PRIVATE LIMITED [Active] CIN = U17200DL2011PTC223768

Company & Directors' Information:- S T S MANUFACTURING PRIVATE LIMITED [Active] CIN = U28112TZ2006PTC012940

Company & Directors' Information:- RAJA INDIA PRIVATE LIMITED [Active] CIN = U99999DL1997PTC084258

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Active] CIN = U27109WB1991PTC051461

Company & Directors' Information:- A K MANUFACTURING PVT LTD [Active] CIN = U51909MN1988PTC003110

Company & Directors' Information:- I T A C (INDIA) MANUFACTURING CO LTD [Dissolved] CIN = L51109WB1982PLC034689

Company & Directors' Information:- J D MANUFACTURING CO PVT LTD [Active] CIN = U51909WB1996PTC079825

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Not available for efiling] CIN = U36900WB1991PTC005146

Company & Directors' Information:- B R D MANUFACTURING PRIVATE LIMITED [Active] CIN = U51109WB1997PTC085188

Company & Directors' Information:- R J S MANUFACTURING PRIVATE LIMITED [Active] CIN = U27104DL1997PTC090521

Company & Directors' Information:- B U MANUFACTURING PVT LTD [Active] CIN = U51109WB1982PTC035271

Company & Directors' Information:- M M MANUFACTURING PVT LTD [Active] CIN = U26922WB1993PTC059837

Company & Directors' Information:- J. C. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U21099WB2020PTC236821

Company & Directors' Information:- S B MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U31506WB1999PTC088567

Company & Directors' Information:- K. V. J. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U29308DL2017PTC320213

Company & Directors' Information:- A T E MANUFACTURING CO PRIVATE LIMITED [Amalgamated] CIN = U28999GJ1973PTC002296

Company & Directors' Information:- J P MANUFACTURING AND CO PVT LTD [Strike Off] CIN = U51226WB1982PTC034927

Company & Directors' Information:- D. K. MANUFACTURING (INDIA) LIMITED [Strike Off] CIN = U37200WB2011PLC170403

Company & Directors' Information:- S M MANUFACTURING COMPANY PRIVATE LIMITED [Active] CIN = U34300HR1997PTC057824

Company & Directors' Information:- A.M.P MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U27101MH2008PTC188386

Company & Directors' Information:- G K MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U34300PB2012PTC036073

Company & Directors' Information:- P & B MANUFACTURING PRIVATE LIMITED [Active] CIN = U29254TN2010PTC076696

Company & Directors' Information:- B. V. H. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U74999GJ2018FTC100633

Company & Directors' Information:- R A MANUFACTURING COMPANY PRIVATE LIMITED [Strike Off] CIN = U36900HR2012PTC047669

Company & Directors' Information:- N BANK LTD [Strike Off] CIN = U65191WB1924PLC000442

Company & Directors' Information:- THE CANARA BANK LIMITED [Not available for efiling] CIN = U67190KA1906PLC001069

Company & Directors' Information:- P N N BANK LIMITED [Strike Off] CIN = U65921TZ1948PLC000153

Company & Directors' Information:- A K R MANUFACTURING PRIVATE LIMITED [Active] CIN = U19200RJ2012PTC041177

Company & Directors' Information:- C N C MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U64204DL2015PTC281449

Company & Directors' Information:- CORPORATION BANK LTD [Dissolved] CIN = U99999KA1901PLC000893

Company & Directors' Information:- CANARA CO LIMITED [Strike Off] CIN = U99999KA1901PLC001073

Company & Directors' Information:- CORPORATION BANK LIMITED [Strike Off] CIN = U99999KA1972PLC001067

Company & Directors' Information:- RAJA AND COMPANY LIMITED [Dissolved] CIN = U74999KL1943PLC000980

Company & Directors' Information:- K AND C BANK LIMITED [Dissolved] CIN = U65191KL1928PLC000529

Company & Directors' Information:- CORPORATION BANK LIMITED [Not available for efiling] CIN = U99999MH1936PTC002552

    C.R.P. (NPD) No. 1396 of 2021

    Decided On, 26 July 2021

    At, High Court of Judicature at Madras

    By, THE HONOURABLE CHIEF JUSTICE MR. SANJIB BANERJEE & THE HONOURABLE MR. JUSTICE SENTHILKUMAR RAMAMOORTHY

    For the Petitioners: N. Devarajan, Advocate. For the Respondents: R1, P. Raghunathan for M/s. T.S. Gopalan & Co., Advocate.



Judgment Text

(Prayer: Revision filed under Article 227 of the Constitution of India against the order dated 24.03.2021 in I.A.No.282 of 2020 in M.A.No.71 of 2020 on the file of the Debt Recovery Appellate Tribunal, Chennai.)Sanjib Banerjee, CJ.1. There is no merit in this petition, wherein an order of pre-deposit issued by the Debt Recovery Appellate Tribunal at Chennai on March 24, 2021 has been challenged.2. According to the petitioners, the subject-matter of the challenge before the appellate tribunal was the sale of a particular property and it was admitted by the secured creditor that the property was valued at about Rs.5 crore. The petitioners complain of the direction issued by the tribunal to deposit a sum of Rs.2.30 crore in two installments of Rs.1.15 crore each.3. Section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 provides for the right of appeal to any person aggrieved by an order made by the Debts Recovery Tribunal under Section 17 of the Act. The first proviso to such provision permits different fees to be prescribed for different classes of persons. The second proviso mandates that unless the borrower, when the borrower is the appellant, deposits with the appellate tribunal fifty per cent of the amount of “debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less” the appeal shall not be entertained. A further proviso governs the second proviso and such further proviso permits the appellate tribunal to reduce the amount of pre-deposit to not less than 25 per cent of the debt referred to in the second proviso.4. Thus, the determining factor for assessing the quantum of pre-deposit is the debt due from the borrower. In this case, the impugned order records the challenge before the appellate tribunal. The challenge was to an order of February 24, 2020 passed by the Debts Recovery Tribunal, Coimbatore. The petition under Section 17 filed by the petitioners herein was dismissed and a sale notice was affirmed which had been issued in connection with the recovery of a sum of Rs.25.10 crore.5. The impugned order also records that the quantum indicated to be due in the bank's notice under Section 13(2) of the Act was about Rs.21.20 crore.6. It is possible that only a particular sale notice was challenged and the rest of the claim may not have been challenged. However, since an appeal is a creature of statute and can be hedged with conditions, the appeal under Section 18 of the Act obliges a borrower to deposit fifty per cent of the debt due as a pre-requisite for the appeal to be entertained. As to what amounts to the debt due is evident from the provision itself. The quantum of debt that has been adjudicated upon to be due or the claim of the secured creditor would be the debt due, subject to the lesser of the two figures being taken into account for the purpose of assessing the quantum of pre-deposit.7. Since it appears that the order impugned

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has granted the petitioners the liberty to deposit a much lower amount than what is mandated by the relevant provision, the present challenge to it to even reduce such erroneous amount cannot be entertained.8. C.R.P. (NPD) No.1396 of 2021 is dismissed.There will be no order as to costs. Consequently, C.M.P.No.10801 of 2021 is closed.
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