Supreme Court of India
Kotak Mahindra Bank Pvt. Limited v. Ambuj A. Kasliwal & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the requirement of pre-deposit under sub-section (1) of Section 18 of the Act is mandatory and there is no reason whatsoever for not giving full effect to the provisions contained in Section 18 of the Act.
Judgment, page 12
From the headnote
Recovery of Debts and Bankruptcy Act, 1993 – s.21 – Appeal before DRAT – Pre-deposit of the debt due – Waiver – Sustainability of – Held: In all cases fifty per cent of the decretal amount i.e. the debt due is to be deposited before DRAT as a mandatory requirement, but in appropriate cases for reasons to be recorded the deposit of at least twenty-five per cent of the debt due would be permissible, but not entire waiver – When further amount is due and payable in discharge of decree/recovery certificate issued by DRT, the High Court does not have the power to waive the pre-deposit in its…
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