Legal Question in Banking Law in India
stay order from drt
dear sir
i have been given given a conditional stay order for all further procedures on sarfaesi act under section13(4) by the hounarable president, drt, vizag to state bank. i have been asked to deposit 10lacks within 15days. whereas i could manage only 5lacks. if i pay 5 lacks to the bank, can i request the judge to give me some more time for paying balance 5lacks. and also will the stay order holds good or will it get cancelled?
1 Answer from Attorneys
Re: stay order from drt
As such the Hon'ble Supreme Court has struck down the provision of mandatory deposit . The DRT appears to have passed the order under erroneous belief. You can certainly deposit 5 lacs and seek time or waiver for balance. Even you can pproach to DRAT challenging the condition of predeposit order
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