I truly hope that someone is able to help me with my problem:
A nationalized bank started Sarfaesi action against me. There are too many Banking as well as Sarfaesi violations to even list, starting with the non service of 13(2) notice, to not issuance of 8(6) on either borrower to guarantor. Bank went in for auction, successful bidder paid money against the terms of auction rules, but DRT P.O required the entire 25% amount paid by auction purchaser along with 10% interest to be given by me to hear my IA to set aside sale. Appealed to DRAT, who required 50% pre deposit for hearing appeal. Aggrieved by this, I moved High Court, where I got good relief. HC faulted Bank, and restored my appeal to the DRAT file with just the 27% predeposit that I had already deposited. DRAT ordered a status quo in the matter until disposal of appeal. Strangely, the auction purchaser managed to get back 25% of bid amount he deposited from the Bank with interest and exited the auction process. The Bank filed a memo with the DRAT stating that since the auction purchaser had withdrawn, the sale has eroded, and hence the appeal has become infructous. The DRAT agreed with the Bank without looking at the merits of the appeal and passed a non speaking order, agreeing with the Bank. Now the Bank issued yet another 8(6) notice, for an auction. I moved a Stay petition with the DRT, where the PO passed an order asking for the auction to go as schedule, but requiring additional 50% percent of the outstanding amount to be paid within a week in order to not confirm the Sale when I have already paid 27% of the demand notice amount as per High Court Order without giving any credit to the amount I paid. I am unable to come up with this kind of money.
My SA has excellent merits and my account itself has been wrongly classified as NPA.
Additional 50% deposit required by the PO places the deposit to hear the SA at more than 75% of the demand notice amount, which is more than the amount that was held onerous by the Supreme Court in Mardia Chemicals.
I am slowly losing faith in our Tribunal system, whose aim seems to border on the callous, arbitrary and so obviously biased in favor of the Bank. I plan on moving an appeal before the DRAT, but shudder to think that they too may require additional pre-deposit for hearing my appeal.
During my research in the past months, I remember coming across a High Court ruling that second pre-deposits is not required by the DRAT when a second appeal is filed in the same SA, when the Appellant has already paid a deposit to hear the first appeal. Unfortunately I did not save the judgement, and I am unable to find this citation! Please let me know if you know of such a citation where multiple deposits do not need to be paid in DRAT (or for that matter DRT).for the same SA.
Also, Help please! I am fatigued by the whole process, and at how badly the system is stacked against legitimate Borrowers, and in favor of Banks. If you have any suggestions regarding my case or any citations which would be helpful with my case, please let me know.
Thanks in advance.
