NARAYAN CHANDRA GHOSH versus UCO BANK & ORS.

NARAYAN CHANDRA GHOSH versus UCO BANK & ORS.

The statutory requirement under Section 18(1) makes pre-deposit mandatory for an appeal by a borrower; the Appellate Tribunal cannot entertain such appeal without compliance. Only limited relief of reduction to 25% allowed under third proviso, based on written reasons. Complete waiver is not permitted.

Parties
Appellant: Narayan Chandra Ghosh; Respondents: UCO Bank & Ors.
Jurisdiction
India
Judgment Date
18 March 2011
Procedural Posture
Civil Appeal / Appeal Before Supreme Court Against High Court Decision
Outcome
Appeal disposed of
Legal Topics
Securitization, Appeals, Pre Deposit Requirement, Jurisdiction of Appellate Tribunal
Banking and Finance Debt Recovery Securitization Appeals Pre Deposit Requirement Jurisdiction of Appellate Tribunal

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Legal principles 1 Authorities cited 1 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Narayan Chandra Ghosh

Appellant

UCO Bank & Ors.

Respondents

Procedural Posture

Civil Appeal / Appeal Before Supreme Court Against High Court Decision

Legal Issues

  1. 1 Whether the Appellate Tribunal has jurisdiction to exempt a borrower from making any pre-deposit in terms of Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 before entertaining an appeal

Ratio Decidendi

The statutory requirement under Section 18(1) makes pre-deposit mandatory for an appeal by a borrower; the Appellate Tribunal cannot entertain such appeal without compliance. Only limited relief of reduction to 25% allowed under third proviso, based on written reasons. Complete waiver is not permitted.

Court Disposition

Appeal disposed of

Orders

  • Appellant directed to deposit Rs. 15 lakhs with the Appellate Tribunal within four weeks; thereafter appeal to be entertained and decided on merits.
  • If deposit not made within time, appeal before the Appellate Tribunal stands dismissed and respondent bank may take further steps as per law.