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Partial deposit before DRAT under Section 18 of SARFAESI Act refundable

Reiterating the dictum laid down in in Axis bank vs. SBS Organics Private Limited, the Supreme Court in KUMAR ALUMINIUM LTD. VS. ASSET RECONSTRUCTION COMPANY INDIA has set aside a Delhi High Court Judgment which had refused to interfere with DRAT order which turned down the prayer for refund of the amount deposited in compliance of the requirement of the second proviso to section 18(1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for maintaining an appeal.

Article referred: http://www.livelaw.in/partial-deposit-drat-section-18-sarfaesi-act-refundable-reiterates-sc/

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