w w w . L a w y e r S e r v i c e s . i n



N. Madhavan v/s Union of India Rep. by its Secretary, Department of Financial Services, Ministry of Finance, New Delhi & Others


Company & Directors' Information:- L & T FINANCE LIMITED [Amalgamated] CIN = U65990MH1994PLC083147

Company & Directors' Information:- S P FINANCE PRIVATE LIMITED [Active] CIN = U65990MH1979PTC021790

Company & Directors' Information:- V L S FINANCE LIMITED [Active] CIN = L65910DL1986PLC023129

Company & Directors' Information:- L R N FINANCE LIMITED [Active] CIN = U65921TN1992PLC089288

Company & Directors' Information:- S M FINANCE LTD [Active] CIN = L65999TG1984PLC004526

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = L65999WB1993PLC058107

Company & Directors' Information:- B R D FINANCE LIMITED [Active] CIN = U65910KL1995PLC009430

Company & Directors' Information:- T C I FINANCE LIMITED [Active] CIN = U65920MH1973PLC017042

Company & Directors' Information:- K K FINANCIAL SERVICES PRIVATE LIMITED [Amalgamated] CIN = U65923MH2007PTC166978

Company & Directors' Information:- A. V. B. FINANCE PRIVATE LIMITED. [Active] CIN = U65993DL1992PTC049818

Company & Directors' Information:- S M L FINANCE LIMITED [Active] CIN = U65910KL1996PLC010648

Company & Directors' Information:- O J FINANCIAL SERVICES LIMITED [Active] CIN = U74899DL1993PLC051937

Company & Directors' Information:- NEW INDIA FINANCIAL SERVICES LIMITED [Active] CIN = U67120PB1995PLC015692

Company & Directors' Information:- NEW INDIA FINANCIAL SERVICES LIMITED [Active] CIN = U67120DL1995PLC309013

Company & Directors' Information:- I SERVICES INDIA PRIVATE LIMITED [Active] CIN = U72900DL2003PTC118851

Company & Directors' Information:- S B FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008268

Company & Directors' Information:- G U FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67120OR1989PTC017916

Company & Directors' Information:- INDIA FINANCE LTD. [Active] CIN = L65110WB1984PLC050214

Company & Directors' Information:- J J FINANCE CORPORATION LTD [Active] CIN = L65921WB1982PLC035092

Company & Directors' Information:- G V S FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008269

Company & Directors' Information:- S T SERVICES LTD [Active] CIN = L74140WB1989PLC047210

Company & Directors' Information:- G T P FINANCE LIMITED [Active] CIN = U65921TZ1991PLC003149

Company & Directors' Information:- M G F SERVICES LIMITED [Amalgamated] CIN = U65910DL1987PLC029599

Company & Directors' Information:- W G F FINANCIAL SERVICES LIMITED [Active] CIN = U65993DL1992PLC048390

Company & Directors' Information:- S R K FINANCE PRIVATE LIMITED [Active] CIN = U65910UP1994PTC016038

Company & Directors' Information:- R S SERVICES PRIVATE LIMITED [Active] CIN = U65100DL1989PTC038061

Company & Directors' Information:- R S SERVICES PRIVATE LIMITED [Active] CIN = U74900DL1989PTC038061

Company & Directors' Information:- S J SERVICES PRIVATE LIMITED [Active] CIN = U74140DL1988PTC034427

Company & Directors' Information:- C F S FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC062182

Company & Directors' Information:- D AND A FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1981PTC012709

Company & Directors' Information:- N B FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65993DL2006PTC144829

Company & Directors' Information:- R N FINANCE LIMITED [Active] CIN = U74899DL1988PLC034289

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = U65999WB1993PLC058107

Company & Directors' Information:- C K G FINANCE PRIVATE LIMITED [Active] CIN = U65910KL1996PTC010147

Company & Directors' Information:- L N FINANCE LTD [Active] CIN = U65923WB1991PLC052876

Company & Directors' Information:- R K FINANCE LTD [Active] CIN = L65921WB1983PLC035896

Company & Directors' Information:- AMP E - SERVICES PRIVATE LIMITED [Active] CIN = U51909MN2013PTC008361

Company & Directors' Information:- E M SERVICES (INDIA) PRIVATE LIMITED [Active] CIN = U93090MH2001PTC131924

Company & Directors' Information:- T H FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67120WB1997PTC082650

Company & Directors' Information:- M K G FINANCIAL SERVICES PVT LTD [Active] CIN = U74899DL1995PTC067373

Company & Directors' Information:- V P C L FINANCE LIMITED [Active] CIN = U65920TG1996PLC023172

Company & Directors' Information:- L M J SERVICES LTD [Active] CIN = L51226WB1983PLC035807

Company & Directors' Information:- L M J SERVICES LTD [Active] CIN = L93000WB1983PLC035807

Company & Directors' Information:- G K SERVICES PRIVATE LIMITED [Active] CIN = U65990MH1994PTC078529

Company & Directors' Information:- INDIA FINANCIAL SERVICES LIMITED [Strike Off] CIN = U65921WB1997PLC083511

Company & Directors' Information:- J S M FINANCE PVT LTD [Active] CIN = U74140MP1995PTC009542

Company & Directors' Information:- P C FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC070768

Company & Directors' Information:- I & D FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1991PTC021369

Company & Directors' Information:- UNION FINANCE LIMITED [Strike Off] CIN = U65910GJ1994PLC023717

Company & Directors' Information:- S A FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC063217

Company & Directors' Information:- A M FINANCIAL SERVICES LIMITED [Strike Off] CIN = U74140PB1993PLC013944

Company & Directors' Information:- A K SERVICES PRIVATE LIMITED [Active] CIN = U74899MH1986PTC268851

Company & Directors' Information:- L N FINANCE PVT LTD [Active] CIN = U65929AS1992PTC003766

Company & Directors' Information:- N B A FINANCE LIMITED [Strike Off] CIN = U74899DL1993PLC052393

Company & Directors' Information:- T P D FINANCE LIMITED [Strike Off] CIN = U67120RJ1994PLC008051

Company & Directors' Information:- AT FINANCIAL SERVICES LIMITED [Active] CIN = U67190MH2013PLC243267

Company & Directors' Information:- L N M FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65910WB1996PTC082013

Company & Directors' Information:- H T FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65999MH2012PTC225794

Company & Directors' Information:- R G L FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015809

Company & Directors' Information:- S K B FINANCE LIMITED [Amalgamated] CIN = U65999WB1996PLC082317

Company & Directors' Information:- B M FINANCIAL SERVICES INDIA PRIVATE LIMITED [Active] CIN = U65990MH2001PTC132477

Company & Directors' Information:- B V SERVICES PVT LTD [Active] CIN = U74140WB1991PTC050946

Company & Directors' Information:- J V FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC067873

Company & Directors' Information:- L C J FINANCE PVT. LTD. [Active] CIN = U65921WB1995PTC068809

Company & Directors' Information:- I S A SERVICES PRIVATE LIMITED [Active] CIN = U74140JH1995PTC006387

Company & Directors' Information:- H L T FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1996PTC078128

Company & Directors' Information:- M L FINANCIAL SERVICES LIMITED [Strike Off] CIN = U65920TG1994PLC018846

Company & Directors' Information:- E I C SERVICES PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC022426

Company & Directors' Information:- R N C P FINANCE LTD. [Dissolved] CIN = U67120WB1995PLC072339

Company & Directors' Information:- T T FINANCE LIMITED [Amalgamated] CIN = U67120DL1986PLC023168

Company & Directors' Information:- M M V R FINANCE LIMITED [Active] CIN = U65921TZ1997PLC007705

Company & Directors' Information:- D B FINANCE PRIVATE LIMITED [Active] CIN = U65191TN1989PTC016705

Company & Directors' Information:- M G FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC065876

Company & Directors' Information:- C H P FINANCE PVT LTD [Active] CIN = U65921PB1992PTC012788

Company & Directors' Information:- T T C FINANCIAL SERVICES PVT LTD [Active] CIN = U51909WB1995PTC074992

Company & Directors' Information:- A C SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC070774

Company & Directors' Information:- S L B P FINANCE PRIVATE LIMITED [Active] CIN = U74899DL1990PTC041694

Company & Directors' Information:- R S FINANCE PVT LTD [Active] CIN = U65191WB1988PTC044144

Company & Directors' Information:- S & F FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U63040MH2004PTC149667

Company & Directors' Information:- R S A FINANCIAL SERVICES PVT LTD [Active] CIN = U74899DL1995PTC067328

Company & Directors' Information:- I C FINANCE PRIVATE LIMITED [Active] CIN = U65921UP1989PTC011236

Company & Directors' Information:- J & J FINANCIAL SERVICES LTD. [Active] CIN = U51109WB1995PLC074697

Company & Directors' Information:- H S SERVICES PRIVATE LIMITED [Active] CIN = U74900KA2014PTC074321

Company & Directors' Information:- V K FINANCE PVT LTD [Strike Off] CIN = U67120WB1991PTC052140

Company & Directors' Information:- G V INDIA SERVICES PRIVATE LIMITED [Active] CIN = U74900DL2010PTC212026

Company & Directors' Information:- B P C FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65110MH1996PTC102267

Company & Directors' Information:- C AND N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1998PTC094290

Company & Directors' Information:- C D R FINANCE LIMITED [Strike Off] CIN = U65910TG1995PLC022237

Company & Directors' Information:- J R FINANCE LIMITED [Active] CIN = U65921PB1996PLC017699

Company & Directors' Information:- I C S FINANCE LIMITED [Strike Off] CIN = U65921TZ1987PLC001991

Company & Directors' Information:- A P S FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65993PB1995PTC016819

Company & Directors' Information:- A P S FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65993HR1995PTC067843

Company & Directors' Information:- N P K FINANCIAL SERVICES PVT LTD [Active] CIN = U67120WB1995PTC073448

Company & Directors' Information:- K R B FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65921TG1994PTC018711

Company & Directors' Information:- D D S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910DL1996PTC076165

Company & Directors' Information:- K V L FINANCE LIMITED [Strike Off] CIN = U65191TN1989PLC016715

Company & Directors' Information:- D A S FINANCE PVT LIMITED [Strike Off] CIN = U65921PB1993PTC012888

Company & Directors' Information:- U B FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC051300

Company & Directors' Information:- A TO Z SERVICES PRIVATE LIMITED [Active] CIN = U74999MH2007PTC168484

Company & Directors' Information:- K S M FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67120PB1995PTC016630

Company & Directors' Information:- V L G FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910AP1997PTC027952

Company & Directors' Information:- E M S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921TZ1986PTC001789

Company & Directors' Information:- O P T SERVICES INDIA PRIVATE LIMITED [Active] CIN = U63013DL1996PTC083397

Company & Directors' Information:- T D M FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U65923KL1997PTC011601

Company & Directors' Information:- S. F. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018702

Company & Directors' Information:- D S L FINANCE PRIVATE LIMITED [Active] CIN = U65921TG1996PTC023898

Company & Directors' Information:- P P SERVICES PVT LTD [Active] CIN = U70101WB1991PTC051423

Company & Directors' Information:- R D P FINANCE PRIVATE LIMITED [Active] CIN = U65929DL1997PTC089092

Company & Directors' Information:- A P T SERVICES PRIVATE LIMITED [Amalgamated] CIN = U29219TG1999PTC031903

Company & Directors' Information:- D K S FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U74899DL1995PTC069093

Company & Directors' Information:- S R K C FINANCE LIMITED [Amalgamated] CIN = U65999TZ1989PLC002445

Company & Directors' Information:- S S SERVICES PVT LTD [Active] CIN = U51109AS1993PTC003956

Company & Directors' Information:- G & G SERVICES PRIVATE LIMITED [Active] CIN = U45201DL2012PTC230905

Company & Directors' Information:- R K N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC038377

Company & Directors' Information:- H A FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027064

Company & Directors' Information:- V V A FINANCE LTD [Active] CIN = U65993WB1984PLC037171

Company & Directors' Information:- Y B FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921CH1996PTC017745

Company & Directors' Information:- D G L FINANCE LTD [Strike Off] CIN = U67120TG1993PLC015604

Company & Directors' Information:- U D. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC068179

Company & Directors' Information:- A N Y SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC071457

Company & Directors' Information:- N B SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1993PTC056484

Company & Directors' Information:- P C SERVICES PRIVATE LIMITED [Strike Off] CIN = U00894KA1985PTC006606

Company & Directors' Information:- H D FINANCIAL SERVICES PVT LTD [Active] CIN = U67120WB1992PTC056476

Company & Directors' Information:- M S R FINANCE PVT LTD [Strike Off] CIN = U65191TN1989PTC016789

Company & Directors' Information:- B. K. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67100MH2010PTC210099

Company & Directors' Information:- S S P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1987PTC014526

Company & Directors' Information:- M. V. S SERVICES INDIA PRIVATE LIMITED [Active] CIN = U93000DL2013PTC252172

Company & Directors' Information:- B R FINANCIAL SERVICES PRIVATE LIMITED [Amalgamated] CIN = U74899DL1995PTC068371

Company & Directors' Information:- B 2 B FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65999MH2008PTC188501

Company & Directors' Information:- J. H. B. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74140DL1997PTC084907

Company & Directors' Information:- K K B FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74900CH2010PTC032178

Company & Directors' Information:- S D SERVICES PVT LTD [Active] CIN = U51109AS1998PTC005293

Company & Directors' Information:- C R N FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC062802

Company & Directors' Information:- H AND B SERVICES LIMITED [Strike Off] CIN = U72900MH2004PTC145775

Company & Directors' Information:- D R FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U67120WB1996PTC079376

Company & Directors' Information:- I FINANCE COMPANY LIMITED [Active] CIN = U67110DL2011PLC212268

Company & Directors' Information:- R K FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC067676

Company & Directors' Information:- C & R SERVICES (INDIA) PRIVATE LIMITED [Active] CIN = U74140KA1996PTC019645

Company & Directors' Information:- E AND A SERVICES (INDIA) PRIVATE LIMITED [Under Process of Striking Off] CIN = U51900MH1989PTC054373

Company & Directors' Information:- J. M. A. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65929DL1996PTC079248

Company & Directors' Information:- A. H. SERVICES PRIVATE LIMITED [Active] CIN = U74990MH2009PTC193917

Company & Directors' Information:- M E R I T SERVICES PRIVATE LIMITED [Strike Off] CIN = U51900MH1999PTC118445

Company & Directors' Information:- H AND Z FINANCE PRIVATE LIMITED [Active] CIN = U67190MH1995PTC093153

Company & Directors' Information:- V A FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67190MH2003PTC138687

Company & Directors' Information:- P F P SERVICES PRIVATE LIMITED [Active] CIN = U74900MH2009PTC293633

Company & Directors' Information:- R P FINANCIAL SERVICES INDIA PRIVATE LIMITED [Strike Off] CIN = U67190TZ2008PTC014376

Company & Directors' Information:- P F P SERVICES PRIVATE LIMITED [Active] CIN = U74900WB2009PTC139742

Company & Directors' Information:- Y AND K FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC019837

Company & Directors' Information:- J. S. P. SERVICES PRIVATE LIMITED [Active] CIN = U63040DL1996PTC075731

Company & Directors' Information:- B J FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67120GJ2005PTC046722

Company & Directors' Information:- MADHAVAN SERVICES PRIVATE LIMITED [Active] CIN = U72500KA2019PTC126452

Company & Directors' Information:- S L P FINANCE PRIVATE LTD. [Strike Off] CIN = U65923DL1985PTC021970

Company & Directors' Information:- D G FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U67110MP1995PTC009014

Company & Directors' Information:- S D S FINANCIAL SERVICES LIMITED [Strike Off] CIN = U67120PB1996PLC017964

Company & Directors' Information:- V M FINANCE LIMITED [Strike Off] CIN = U65910PB1996PLC018339

Company & Directors' Information:- D S K FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010317

Company & Directors' Information:- B L M FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67120CH1995PTC016606

Company & Directors' Information:- G B V FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65110UP1988PTC010219

Company & Directors' Information:- B H FINANCE PRIVATE LIMITED [Strike Off] CIN = U65922KA1995PTC018390

Company & Directors' Information:- A V FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65990TG1995PTC020950

Company & Directors' Information:- M .R .S . FINANCE LIMITED [Strike Off] CIN = U65929DL1995PLC067184

Company & Directors' Information:- MADHAVAN (INDIA) PRIVATE LIMITED [Strike Off] CIN = U74999KA1983PTC005322

Company & Directors' Information:- D K FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U65921CH1994PTC014219

Company & Directors' Information:- H D FINANCE LTD [Strike Off] CIN = U67120DL1986PLC023675

Company & Directors' Information:- INDIA SERVICES LIMITED [Liquidated] CIN = U99999TN1946PLC000976

Company & Directors' Information:- J V S FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65999TG1994PTC018470

Company & Directors' Information:- P R K FINANCE P LTD [Strike Off] CIN = U65191TN1995PTC033478

Company & Directors' Information:- B A L FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65921TG1996PTC023150

Company & Directors' Information:- R T G FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67190MH2005PTC150664

Company & Directors' Information:- T C G FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67190MH2005PTC156330

Company & Directors' Information:- M K FINANCIAL SERVICES LIMITED [Active] CIN = U67120DL1986PLC024178

Company & Directors' Information:- U M S SERVICES LIMITED [Active] CIN = U03210TZ1982PLC001208

Company & Directors' Information:- A T E SERVICES LIMITED [Strike Off] CIN = U74140MH2001PTC132923

Company & Directors' Information:- V AND C FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65993TG1994PTC018781

Company & Directors' Information:- J M S FINANCIAL SERVICES LIMITED [Active] CIN = U67120DL1996PLC082705

Company & Directors' Information:- SERVICES (INDIA) PRIVATE LIMITED [Active] CIN = U74140DL1996PTC078465

Company & Directors' Information:- G I SERVICES INDIA LIMITED [Active] CIN = U74140DL2008PLC184088

Company & Directors' Information:- E AND E SERVICES LIMITED [Strike Off] CIN = U65992KL1988PLC005094

Company & Directors' Information:- T AND C FINANCE LIMITED [Strike Off] CIN = U67120RJ1996PLC012576

Company & Directors' Information:- NEW DELHI FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC074241

Company & Directors' Information:- W S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65192UP1996PTC020243

Company & Directors' Information:- S R V N SERVICES PRIVATE LIMITED [Strike Off] CIN = U50200DL2004PTC124035

Company & Directors' Information:- B H SERVICES (INDIA) PRIVATE LIMITED [Active] CIN = U74999MH2012FTC227035

Company & Directors' Information:- S A C FINANCE COMPANY PVT LTD [Active] CIN = U65999WB1985PTC039002

Company & Directors' Information:- E F FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U65929WB1988PTC045117

Company & Directors' Information:- L S J FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67120KA1995PTC018030

Company & Directors' Information:- A R SERVICES PRIVATE LIMITED [Active] CIN = U00000DL2001PTC109578

Company & Directors' Information:- J AND J SERVICES PRIVATE LIMITED [Active] CIN = U51900MH1995PTC092554

Company & Directors' Information:- L B D SERVICES PRIVATE LIMITED [Active] CIN = U00359BR1991PTC004694

Company & Directors' Information:- C & A FINANCIAL SERVICES (INDIA) PRIVATE LIMITED [Strike Off] CIN = U74992PB2008PTC032215

Company & Directors' Information:- G. S. D. FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67100MH2009PTC196926

Company & Directors' Information:- A J P FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74900WB2013PTC192558

Company & Directors' Information:- A 2 Z E SERVICES PRIVATE LIMITED [Strike Off] CIN = U72200KA2006PTC039105

Company & Directors' Information:- A .S FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U65921PB1994PTC014347

Company & Directors' Information:- V S P FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67190TN1995PTC031176

Company & Directors' Information:- T K S FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65993TZ1991PTC003500

Company & Directors' Information:- C C FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC037805

Company & Directors' Information:- S R B FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010045

Company & Directors' Information:- A TO Z FINANCIAL SERVICES PVT. LTD. [Strike Off] CIN = U65999WB1995PTC075689

Company & Directors' Information:- P V FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027270

Company & Directors' Information:- R V S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65990KA1995PTC018436

Company & Directors' Information:- M P SERVICES INDIA PRIVATE LIMITED [Strike Off] CIN = U74999PN1999PTC013531

Company & Directors' Information:- V S FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65993TN1995PTC030986

Company & Directors' Information:- B G FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U67110DL1995PTC066466

Company & Directors' Information:- B I N A R Y SERVICES (INDIA) PRIVATE LIMITED [Strike Off] CIN = U72900DL2000PTC103072

Company & Directors' Information:- M C SERVICES (INDIA) PRIVATE LIMITED [Strike Off] CIN = U74999PN1999PTC013532

Company & Directors' Information:- D & D SERVICES INDIA PRIVATE LIMITED [Strike Off] CIN = U51909DL1998PTC093967

Company & Directors' Information:- P AND B FINANCE PVT LTD [Strike Off] CIN = U99999MH1986PTC038841

Company & Directors' Information:- G D FINANCIAL SERVICES PVT LTD [Strike Off] CIN = U67120PB1994PTC014142

Company & Directors' Information:- B B P FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018183

Company & Directors' Information:- NEW INDIA FINANCE LTD. [Strike Off] CIN = U65999WB1991PLC051652

Company & Directors' Information:- T G C FINANCE CO. PVT LTD [Strike Off] CIN = U65993HR1993PTC032133

Company & Directors' Information:- A E FINANCE PRIVATE LIMITED [Active] CIN = U65999TZ1990PTC002905

Company & Directors' Information:- L R FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65910UP1988PTC009758

Company & Directors' Information:- S B M FINANCE LIMITED [Strike Off] CIN = U65921PB1994PLC014374

Company & Directors' Information:- V J FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U65993TG1994PTC018456

Company & Directors' Information:- T A S FINANCE PVT LTD [Strike Off] CIN = U65191TN1990PTC018654

Company & Directors' Information:- S C L SERVICES PRIVATE LIMITED [Active] CIN = U63012TN2001PTC046650

Company & Directors' Information:- S. R. FINANCIAL SERVICES PRIVATE LIMITED [Converted to LLP] CIN = U67120GJ2006PTC048918

Company & Directors' Information:- H C FINANCIAL LTD [Amalgamated] CIN = U65910GJ1982PLC004967

Company & Directors' Information:- A B SERVICES PRIVATE LIMITED [Strike Off] CIN = U74140DL1998PTC093545

Company & Directors' Information:- G P SERVICES PRIVATE LIMITED [Strike Off] CIN = U74899DL1989PTC037683

Company & Directors' Information:- T S SERVICES PRIVATE LIMITED [Strike Off] CIN = U85320WB2003PTC095712

Company & Directors' Information:- D AND O FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054788

Company & Directors' Information:- A. S. V. P. SERVICES PRIVATE LIMITED [Strike Off] CIN = U74999HR2014PTC052304

Company & Directors' Information:- H R P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921PB1995PTC015715

Company & Directors' Information:- P T R FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1989PTC016795

Company & Directors' Information:- R AND T SERVICES PRIVATE LTD. [Strike Off] CIN = U72501DL1998PTC096640

Company & Directors' Information:- S S SERVICES PVT LTD [Strike Off] CIN = U74140WB1988PTC044009

Company & Directors' Information:- D S FINANCIAL SERVICES PVT. LTD. [Strike Off] CIN = U51109WB1990PTC048460

Company & Directors' Information:- B & S FINANCE PVT LTD [Strike Off] CIN = U65191TN1988PTC015491

Company & Directors' Information:- I O P T 4 M O R E FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U65999MH2009PTC192104

Company & Directors' Information:- H S B FINANCE PVT LTD [Strike Off] CIN = U67120RJ1996PTC012119

Company & Directors' Information:- S S D SERVICES PRIVATE LIMITED [Active] CIN = U74910RJ1996PTC012694

Company & Directors' Information:- V & V SERVICES PRIVATE LIMITED [Strike Off] CIN = U74990MH2010PTC206211

Company & Directors' Information:- D S SERVICES PRIVATE LIMITED [Strike Off] CIN = U65923MH2012PTC226482

Company & Directors' Information:- I. & I. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U93090MH2017PTC298584

Company & Directors' Information:- C. D. FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67190MH2012PTC230709

Company & Directors' Information:- P AND I SERVICES PRIVATE LIMITED [Active] CIN = U63090MH1981PTC024997

Company & Directors' Information:- F F C SERVICES PRIVATE LIMITED [Active] CIN = U74900PN2014PTC153348

Company & Directors' Information:- R. B. SERVICES PRIVATE LIMITED [Active] CIN = U74999MH2017PTC302692

Company & Directors' Information:- Q C SERVICES PRIVATE LIMITED [Active] CIN = U74999PN2013PTC148110

Company & Directors' Information:- S AND N FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67190TN2014PTC095802

Company & Directors' Information:- K & S FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74120UP2011PTC044597

Company & Directors' Information:- U & I FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74140TG2011PTC072616

Company & Directors' Information:- I & A FINANCIAL SERVICES PRIVATE LIMITED [Converted to LLP] CIN = U65923TG2012PTC079262

Company & Directors' Information:- S N SERVICES PRIVATE LIMITED [Strike Off] CIN = U74900JK2014PTC004110

Company & Directors' Information:- R N SERVICES PRIVATE LIMITED [Strike Off] CIN = U74900CH2013PTC034757

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Company & Directors' Information:- N G R B FINANCIAL SERVICES PRIVATE LIMITED [Active] CIN = U67190HR2013PTC049521

Company & Directors' Information:- K H FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74140GJ2004PTC044313

Company & Directors' Information:- A. R. T. SERVICES PRIVATE LIMITED [Active] CIN = U51900GJ2009PTC056248

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Company & Directors' Information:- NEW K K FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921UP1974PTC003887

Company & Directors' Information:- M. J. S. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1971PTC003049

Company & Directors' Information:- F I SERVICES PRIVATE LIMITED [Strike Off] CIN = U74999DL2001PTC113001

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Company & Directors' Information:- C R D SERVICES PVT LTD [Active] CIN = U72300AS1988PTC003097

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Company & Directors' Information:- H S N FINANCE PVT LTD [Strike Off] CIN = U67120PB1993PTC013900

Company & Directors' Information:- G N FINANCE PVT LTD [Strike Off] CIN = U65990MH1981PTC024294

Company & Directors' Information:- B AND M SERVICES PRIVATE LIMITED [Strike Off] CIN = U74140MH1977PTC019880

Company & Directors' Information:- M K M FINANCIAL SERVICES PVT. LTD. [Strike Off] CIN = U99999DL1995PTC067375

Company & Directors' Information:- M J B E-SERVICES PRIVATE LIMITED. [Strike Off] CIN = U72400DL2006PTC150832

Company & Directors' Information:- U AND V FINANCIAL SERVICES PRIVATE LIMITED [Strike Off] CIN = U74140KL2008PTC021963

Company & Directors' Information:- C S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910GJ1987PTC009799

    W.P. No. 6721 of 2020

    Decided On, 28 July 2020

    At, High Court of Judicature at Madras

    By, THE HONOURABLE CHIEF JUSTICE MR. A.P. SAHI & THE HONOURABLE MR. JUSTICE SENTHILKUMAR RAMAMOORTHY

    For the Petitioner: N. Subramaniyan, Advocate. For the Respondents: -----



Judgment Text


(Prayer: Petition filed under Article 226 of the Constitution of India, praying to issue a writ of declaration declaring the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 especially the provisions under Section 18(1) of the Act and the second proviso thereunder as unconstitutional and void ab initio and consequently direct the second Respondent to refund the payment of Rs.1.51 lakhs already paid as pre-deposit to the second Respondent vide Indian Bank DD No.992927 dated 21.01.2020 drawn in favour of the Registrar, DRAT, Chennai within a time frame as may be fixed by this Court.)

Senthilkumar Ramamoorthy, J.

1. The Petitioner is admittedly a guarantor of his brother-in-law, Mr.P.K.Selvaraj, who availed credit facilities, including overdraft facilities, from the Indian Bank, the 6th Respondent herein. As security for such credit facilities, the Petitioner admittedly mortgaged the property at New S.F. No.47/5A, Plot No.23, Old Door No.4/A/23, New Door No.5/14 NGGO's Colony, Chinnamudalaipatti Village, Namakkal Taluk and District, admeasuring about 2400 sq.ft. The Petitioner states that, upon default by the principal debtor, he did not receive the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the SARFAESI Act). Eventually, he came to know about the proceedings under the SARFAESI Act only upon receipt of communication dated 12.12.2010 from the 4th Respondent Bank stating that the property had been sold to the 5th Respondent herein by taking action under Section 13(4) of the SARFAESI Act. The said sale was challenged by filing SA.SR.No.558 of 2010 before the Debts Recovery Tribunal, Madurai (the DRT Madurai), which was dismissed for default. Subsequently, a restoration petition in I.A. Nos.1209 to 1212 of 2015 were filed, which were dismissed for non prosecution on 05.05.2015.

2. Meanwhile, proceedings had been initiated by the Indian Bank under Section 14 of the SARFAESI Act to obtain vacant possession of the property from the Petitioner and orders were passed in the said Section 14 proceeding by the District Magistrate and District Collector, Namakkal, on 27.04.2011. The said order dated 27.04.2011 was challenged by filing W.P. No.25758 of 2012, which was disposed of by order dated 03.04.2018 by a Division Bench of this Court granting liberty to the Petitioner herein to challenge the order dated 27.04.2011 by initiating action in a manner known to law. Pursuant thereto, SA.SR.No.8187 of 2018 was filed before the DRT Madurai along with an application to condone delay. The said application to condone delay was dismissed by order dated 08.07.2019. An appeal was filed as against the order dated 08.07.2019 before the Debts Recovery Appellate Tribunal (the DRAT) under Section 18 of the SARFAESI Act on 18.07.2019. An application to waive the pre-deposit was filed by way of I.A. No.754 of 2019. The said waiver application was disposed of by holding that not less than 25% of the debt due should be pre-deposited and by directing the Appellant therein, who is the Petitioner herein, to deposit a sum of Rs.1.51 lakhs with the Registrar of the DRAT within four weeks from 30.09.2019.

3. The DRAT order dated 18.7.2019 was challenged in W.P. No.30324 of 2019 on the ground that the requirement of pre-deposit is not applicable because the appeal before the DRAT is against an order under Section 5 of the Limitation Act, 1963 (the Limitation Act), and not under Section 17 of the SARFAESI Act. The decision of the Hon'ble Supreme Court in Mardia Chemicals Limited v. Union of India (2004) 4 SCC 311 (Mardia Chemicals) was relied upon in support of the above contention. This writ petition was disposed of by a Division Bench of this Court on 23.10.2019 by directing the DRAT to pass appropriate orders in accordance with law. Pursuant thereto, by order dated 17.12.2019, the DRAT concluded that the Appellant therein/Petitioner herein should be treated at par with the borrower and therefore directed that a pre-deposit of Rs.1.51 lakhs should be made. A writ petition, W.P. No. 519 of 2020, was filed challenging the order dated 17.12.2019 of the DRAT directing pre-deposit of Rs.1.51 lakhs by, once again, contending that the DRAT erroneously treated it as an appeal against an order under Section 17 of the SARFEASI Act and that the second proviso to Section 18 of the SARFAESI Act is inapplicable as per the judgment in Mardia Chemicals. By a detailed order dated 20.01.2020, the Division Bench of this Court discussed the chronology of events extensively and concluded that the impugned order of the DRAT, in exercise of its discretion under Section 18 of the SARFAESI Act, does not warrant interference by this Court except to the limited extent of granting two weeks' time from the date of receipt of the order to make the pre-deposit of Rs.1.51 lakhs. After making the pre-deposit, the present writ petition challenging the constitutional validity of the Section 18(1) of the SARFAESI Act and the second proviso thereto has been filed in these facts and circumstances.

4. We heard Mr.N.Subramaniyan, the learned counsel for the Petitioner. Mr.Subramaniyan contended that the Petitioner is only a guarantor and not a borrower. He further contended that the Petitioner did not receive the notice under Section 13(2) of the SARFAESI Act and that, therefore, the measures taken under Section 13(4) thereof are illegal. In particular, the resort to Section 14 of the SARFAESI Act in order to obtain physical possession of the property from the Petitioner is invalid. SA.SR.No.8187 of 2018 was filed in order to challenge the order dated 27.04.2011 of the District Magistrate and District Collector, Namakkal. The said SA.SR.No.8187 of 2018 was filed pursuant to the liberty granted by this Court under order dated 03.04.2018 in W.P. No.25758 of 2012. However, the Petitioner had exceeded the limitation period of 45 days and therefore was constrained to file I.A. No.2712 of 2018 so as to condone the delay. The said I.A. was rejected by order dated 30.09.2019. This order was challenged in W.P. No. 30324 of 2019. By order dated 23.10.2019 in W.P. No.30324 of 2019, a Division Bench of this Court directed the DRAT to pass an appropriate order in the application for waiver of pre-deposit. Nevertheless, the DRAT, by order dated 17.12.2019, reiterated its earlier order and directed the Petitioner to pre-deposit a sum of Rs.1.51 lakh. According to the learned counsel for the Petitioner, the direction to predeposit a sum of Rs.1.51 lakhs violates the decision of the Constitution Bench of the Hon'ble Supreme Court in Mardia Chemicals because the Petitioner challenged an order under Section 5 of the Limitation Act and not under Section 17 of the SARFAESI Act. To put it differently, it is in the nature of a proceeding before a court of first instance. He further contends that Section 18(1) of the SARFAESI Act and the second proviso thereto are unconstitutional in as much as a pre-deposit is being insisted upon without differentiating between appeals against final orders under Section 17 of the SARFAESI Act and orders in applications to condone delay. Therefore, Section 18(1) and the second proviso thereto infringes Article 14 of the Constitution and contravenes the judgment in Mardia Chemicals.

5. We considered the submissions of the learned counsel for the Petitioner and examined the records. Upon perusal of the chronology of events in this case, we find that this is the third writ petition filed by the Petitioner herein with regard to the pre-deposit of the sum of Rs.1.51 lakhs. By W.P. No. 30324 of 2019, the order dated 30.09.2019 of the DRAT was challenged on the ground that it violates the judgment in Mardia Chemicals in as much as the Petitioner is still at the threshold and the appeal before the DRAT was equivalent to a proceeding before a court of first instance. The same contention was raised in W.P. No.519 of 2019 by again relying on Mardia Chemicals and by contending that the Petitioner's appeal is against an order under Section 5 of the Limitation Act and not under Section 17 of the SARFAESI Act. By order dated 20.01.2020, a Division Bench of this Court rejected the said contention and exercised discretion to the limited extent of granting two weeks time from the date of receipt of the order dated 20.01.2020 to make the pre-deposit. The present writ petition is filed in these facts and circumstances. On each of the two previous occasions, the fact situation was that the Petitioner had been directed to make the pre-deposit as a condition precedent to maintain the appeal. The fact situation prevailing, at this juncture, remains unchanged except to the limited extent that the Petitioner has remitted the pre-deposit. Thus, in the two earlier writ petitions, the Petitioner could have challenged the constitutional validity of Section 18(1) of the SARFAESI Act and the second proviso thereto but chose not to do so. In sum, the Petitioner is contending for the third time that the DRAT order is an order in a Section 5 application and not in an application under Section 17 of the SARFAESI Act. The only difference in the present case is that the Petitioner also challenges the constitutional validity of Section 18(1) of the SARFAESI Act and the second proviso thereto albeit on grounds raised on two earlier occasions.

6. In K.K.MODI Vs. K.N.MODI AND OTHERS (1998) 3 SCC 573, the Hon'ble Supreme Court dealt with re-litigation as an example of abuse of process and held as under:

“44. One of the example cited as an abuse of process of the court is re-litigation. It is an abuse of the process of the Court and contrary to justice and public policy for a party to re-litigate the same issue which has already been tried and decided earlier against him. The re-litigation may or may not be barred as res judicata. But if the same issue is sought to be re-agitated, it also amounts to an abuse of the process of the Court. A proceeding being filed for a collateral purpose, or a spurious claim being made in litigation may also in a given set of facts amount to an abuse of process of the court. Frivolous or vexatious proceedings may also amount to an abuse of the process of the court especially where the proceedings are absolutely groundless. The Court then has the power to stop such proceedings summarily and prevent the time of the public and the court from being wasted. Undoubtedly, it is a matter of the Court's discretion whether such proceedings should be stopped or not; and this discretion has to be exercised with circumspection. It is a jurisdiction which should be sparingly exercised, and exercised only in special cases. The Court should also be satisfied that there is no chance of the suit succeeding.”

7. Similarly, in HUNTER v. CHIEF CONSTABLE OF THE WEST MIDLAND POLICE [1982] A.C. 529, the House of Lords speaking through Lord Diplock, at page 541, held as follows on abuse of process:

“The abuse of process which the instant case exemplifies is the initiation of proceedings in a court of justice for the purpose of mounting a collateral attack upon a final decision against the intending plaintiff which has been made by another court of competent jurisdiction in previous proceedings in which the intending plaintiff had a full opportunity of contesting the decision of the court by which it was made.”

8. In the above judgment, Lord Halsbury's speech in REICHEL v. MAGRATH (1889) 14 App.Cas.665 was cited where he held, inter alia, as under:

“...I think it would be a scandal to the administration of justice if the same question having been disposed of by one case, the litigant were to be permitted by changing the form of the proceedings to set up the same case again.”

The present case, undoubtedly, constitutes re-litigation. Nonetheless, we choose to take the path of circumspection and restraint for two reasons: (a) full disclosure of facts is made in the affidavit and the relevant documents are enclosed; and (b) a constitutional challenge is mounted in the third round.

9. We, therefore, proceed to deal with the constitutional challenge. In this case, the challenge is to the imposition of a pre-deposit in appellate proceedings before the DRAT. The provision under challenge, namely, Section 18(1) of the SARFAESI Act reads as under:

“18. Appeal to Appellate Tribunal:

(1) Any person aggrieved, by any order made by the Debts Recovery Tribunal under section 17, may prefer an appeal along with such fee, as may be prescribed to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal:

Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower:

Provided further that no appeal shall be entertained unless the borrower has deposited 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:

Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent of debt referred to in the second proviso.”

10. Upon examining Section 18(1), we find that the first proviso indicates that different fees would be prescribed for filing of appeals by borrowers and by persons other than borrowers. This proviso has been inserted because an appeal under Section 18 may be filed by any aggrieved person. By way of illustration, a lessee, a person, other than the borrower, claiming title over the mortgaged/charged property, or any other person affected by the measures under Section 13(4) of the SARFAESI Act could be an aggrieved person. Thus, such aggrieved persons are not always borrowers. Consequently, the second proviso regarding pre-deposit applies only when the appellant is a borrower. The word “borrower” is defined in Section 2(f) as under:

“borrower means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a asset reconstruction company consequent upon acquisition by it of any rights or interest of any bank or financial institution in relation to such financial assistance or who has raised funds through issue of debt securities”.

As is evident from the above definition, the word “borrower” is defined in such a manner as to include a guarantor. This stands to reason inasmuch as a guarantor's liability is co-extensive with that of the principal debtor under Section 128 of the Indian Contract Act, 1872. Under the second proviso to Section 18(1) of the SARFAESI Act, a borrower is required to pre-deposit 50% of the amount of the debt due from him either as claimed by the secured creditor or as determined by the DRT, whichever is less. The third proviso empowers the DRAT to reduce the pre-deposit to an amount not less than 25% of the debt for reasons to be recorded in writing.

11. In Mardia Chemicals, the Hon'ble Supreme Court was dealing with the requirement of a pre-deposit for initiating proceedings under Section 17 of the SARFAESI Act before the DRT. The DRT is a court of first instance for an aggrieved borrower, guarantor or any other aggrieved person who intends to challenge measures taken under Section 13(4) of the SARFAESI Act. In that context, the Hon'ble Supreme Court concluded that the imposition of the pre-deposit requirement of 75% of the debt was onerous and liable to be interfered with. Given the fact that the pre-deposit requirement, which is challenged herein, is contained in Section 18, which deals with the filing of an appeal, we find that it is distinguishable from Mardia Chemicals which dealt with pre-deposit before a court of first instance. This is evident from paragraphs 59 and 64 of Mardia Chemicals. The said paragraphs are as under:

"59. We may like to observe that proceedings under Section 17 of the Act, in fact, are not appellate proceedings. It seems to be a misnomer. In fact it is the initial action which is brought before a forum as prescribed under the Act, raising grievance against the action or measures taken by one of the parties to the contract. It is the stage of initial proceeding like filing a suit in civil court. As a matter of fact proceedings under Section 17 of the Act are in lieu of a civil suit which remedy is ordinarily available but for the bar under Section 34 of the Act in the present case. We may refer to a decision of this Court in Ganga Bai v. Vijay Kumar [(1974) 2 SCC 393] where in respect of original and appellate proceedings a distinction has been drawn as follows: (SCC p. 397, para 15)

“There is a basic distinction between the right of suit and the right of appeal. There is an inherent right in every person to bring a suit of civil nature and unless the suit is barred by statute one may, at one's peril, bring a suit of one's choice. It is no answer to a suit, howsoever frivolous to claim, that the law confers no such right to sue. A suit for its maintainability requires no authority of law and it is enough that no statute bars the suit. But the position in regard to appeals is quite the opposite. The right of appeal inheres in no one and therefore an appeal for its maintainability must have the clear authority of law. That explains why the right of appeal is described as a creature of statute.”

"64. The condition of pre-deposit in the present case is bad rendering the remedy illusory on the grounds that: (i) it is imposed while approaching the adjudicating authority of the first instance, not in appeal, (ii) there is no determination of the amount due as yet, (iii) the secured assets or their management with transferable interest is already taken over and under control of the secured creditor, (iv) no special reason for double security in respect of an amount yet to be determined and settled, (v) 75% of the amount claimed by no means would be a meagre amount, and (vi) it will leave the borrower in a position where it would not be possible for him to raise any funds to make deposit of 75% of the undetermined demand. Such conditions are not alone onerous and oppressive but also unreasonable and arbitrary. Therefore, in our view, sub-section (2) of Section 17 of the Act is unreasonable, arbitrary and violative of Article 14 of the Constitution."

In fact, in Mardia Chemicals, the Supreme Court noticed earlier judgments such as Anant Mills Co. Ltd. v. State of Haryana (1975) 2 SCC 175; Seth Nand Lal v. State of Haryana 1980 (Supp.) SCC 574; Ganga Bai v. Vijay Kumar (1974) 2 SCC 393; and Shyam Kishore v. Municipal Corporation of Delhi (1993) 1 SCC 22, wherein pre-deposit requirements in appellate proceedings were upheld by distinguishing between original proceedings and appellate proceedings, which are created by statute and can be availed of only subject to conditions pres

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cribed by the statute concerned. Indeed, a Division Bench of this Court in T. Chitty Babu v. Union of India, W.P. No.29933 of 2019, Order dated 20.03.2020, upheld the validity of Section 43(5) of the Real Estate (Regulation and Development) Act, 2016, which imposes a pre-deposit requirement as a condition precedent to entertain an appeal before the Appellate Tribunal under the aforesaid enactment. In the said Order, after considering several judgments of the Hon'ble Supreme Court, including the above-mentioned judgments, this Court concluded that the pre-deposit requirement in respect of an appeal filed by a promoter is not an onerous condition and that it did not render the right of appeal as illusory. Consequently, it was held to be intra vires the Constitution. The principles laid down therein are, undoubtedly, applicable to this case. 12. We find that the pre-deposit provision (the second and third proviso) in Section 18 is applicable only to borrowers, as defined in the SARFAESI Act. In addition, the DRAT is vested with the discretion to reduce such pre-deposit to not less than 25% of the debt. Hence, the provision cannot be said to be arbitrary, onerous or unreasonable. Mr. Subramaniyan had also contended that his appeal before the DRAT was in respect of the dismissal of an application under Section 5 of the Limitation Act and, therefore, the order of the DRT should not be construed as an order under Section 17 of the SARFAESI Act. In our view, this contention is tenuous. Once the Section 5 application is rejected, it is tantamount to a rejection by the DRT of the Section 17 application and a refusal to interfere with the measures taken by the secured creditor under Section 13(4). Thereafter, the only statutory recourse available to the borrower is to appeal under Section 18 to the DRAT, which functions as an appellate forum and not as a court of first instance. Therefore, we find no reason to strike or even read down Section 18(1) of the SARFAESI Act and the second proviso thereto. Hence, we uphold the validity thereof. 13. For reasons set out above, the writ petition is dismissed. No costs.
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