Withdrawal of Appeal - Contention of Bank that pre-deposit amount should be set off against dues of borrower is untenable - Borrower is entitled to get refund of pre-deposit amount upon withdrawal of Appeal.

Citation 

2016 (4) CTC 92 (SC)

IN THE SUPREME COURT OF INDIA

KURIAN JOSEPH & R.F. NARIMAN, J.

C.A. No.4379 of 2016 (S.LP. (C) No.13861 of 2015).

Axis Bank

Vs

Sbs Organics Private Limited and Another

April 22, 2016

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) [SARFAESI Act), Sections 17, 18 & 13(4)- Security Interest (Enforcement) Rules, 2002, Rule 11 Appeal before DRAT Condition to pre deposit to maintain Appeal Withdrawal of Appeal Refund of pre-deposit Deposit made by borrower for maintaining Appeal before DRAT is not Secured Asset - Borrower has not created any Security Interest on pre-deposit amount in favour of Secured Creditor Contention of Bank that pre-deposit amount should be set off against dues of borrower is untenable Borrower is entitled to get refund of pre-deposit amount upon withdrawal of Appeal.

Vs.