Bombay High Court
Surinder Singh Tirathsingh Chandhok vs Kotak Mahindra Bank Limited on 5 February, 2025
Author: A. S. Chandurkar
Bench: A.S. Chandurkar
2025:BHC-AS:5891-DB
RAMESHWAR
LAXMAN
DILWALE 14-WP-1218-25.doc Rameshwar Dilwale
Digitally signed
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
by RAMESHWAR CIVIL APPELLATE JURISDICTION
LAXMAN
DILWALE
Date: 2025.02.06 WRIT PETITION NO.1218 OF 2025
19:38:56 +0530
Surinder Singh Tirathsingh Chandhok }
Age:65 years, Occ: Business having address at }
Flat No.303/304, Natasha Tower, 1310, Juhu }
Varsova Link Road, Andheri (W), Mumbai-400061 }
.. Petitioner
Versus
Kotak Mahindra Bank Limited, }
A banking company, having registered office at 27, }
BKC, C 27, G Block, Bandra-Kurla Complex, }
Bandra (E), Mumbai-400051. }
.. Respondent
...
Mr. Mandar Soman with Mr. Vivek V. Phadke, Advocates for the
Petitioner.
Mr. Charles Desouza with Mr. Rupal Sawangikar, Mr. Nikhil
Rajani i/by V. Deshpande & Co., Advocates for the Respondent-
Kotak Mahindra Bank.
...
CORAM : A.S. CHANDURKAR &
M.M. SATHAYE, JJ
DATE : 05TH FEBRUARY 2025.
ORAL JUDGMENT : (PER: A. S. CHANDURKAR, J)
1. Rule. Rule made returnable forthwith and heard learned
counsel for the parties.
2. The challenge raised in this writ petition is to the order dated
10th January 2025 passed by the Debts Recovery Appellate
Tribunal, (for short, 'DRAT') which determined an amount of Rs.65
lakh to be deposited to satisfy the requirement of Section 18(1) of
14-WP-1218-25.doc Rameshwar Dilwale
the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.
3. We have heard the learned counsel for the parties and we
have perused the documents on record. It may be noted that
initially the order dated 19th December 2024 passed by the learned
In-charge Presiding Officer, Debts Recovery Tribunal-II in
Securitization Application No.427 of 2024 was challenged by the
petitioner in Writ Petition (ST) No.491 of 2025 (Surinder Singh
Tirathsingh Chandhok Vs. Kotak Mahindra Bank Ltd.). By the order
dated 8th January 2025, a direction was issued in paragraph 5
which reads as under:-
"It is not necessary for this Court to enter into the
merits of the rival submissions. Suffice it to observe
that the amount of Rs.20,00,000/- that was
deposited by the petitioner, pursuant to the order
dated 24th September 2024 passed in Interim
Application No.1950 of 2024 in Securitization
Application (Diary) No.1410 of 2024 shall be treated
as an amount of deposit in terms of that order and
such deposit would be subject to final outcome of the
Securitization Application that has now been
numbered as Securitization Application No.427 of
2024. By clarifying that all contentions of the parties
14-WP-1218-25.doc Rameshwar Dilwale
on merits are open for being raised in the
Securitization Application No.427 of 2024, the writ
petition is partly allowed in aforesaid terms and
disposed of."
4. Pursuant to this direction, the application seeking
waiver of the amount of pre-deposit was considered by DRAT
on 10th January 2025. In paragraph 2 of the said order, it was
noted that the demand put forward by the respondent no.1
was Rs.1.93 crores. It however took the amount of Rs.1.30
crores as the threshold amount on the ground that in the
arbitration proceedings, the Delhi High Court had reduced the
claim of the Bank by Rs.60.50 lakhs/- with interest.
Accordingly, 50% of the amount of Rs.1.30 crores being Rs.65
lakhs was determined as the amount of pre-deposit. It is not
in dispute that an amount of Rs.5 lakhs was deposited on
10th January 2025, further amount of Rs.5 lakhs was
deposited on 11th January 2025 and thereafter on 24 th
January 2025, Rs. 27.50 lakhs came to be deposited. In spite
of the observation in paragraph 5 of the order passed by this
Court on 8th January 2025, the deposit of an amount of Rs.20
lakhs as directed was not given any consideration. If that
amount is now taken into consideration, the amount in
14-WP-1218-25.doc Rameshwar Dilwale
deposit would be Rs.57.50 lakhs. It would therefore be
necessary for the petitioner to complete the deposit of Rs.65
lakhs by paying further amount of Rs.7.50 lakhs with the
DRAT. Subject to deposit of this balance amount of Rs.7.50
lakhs within a period of ten days from today, the appeal
preferred by the petitioner shall be entertained on merits.
5. It is clarified that all issues on merits including the
clarification contained in paragraph 5 of the order passed in
Writ Petition (ST) No.491 of 2025 on 8 th January 2025 would
continue. The writ petition is partly allowed in aforesaid terms
with no order as to costs.
[ M.M. SATHAYE, J. ] [ A.S. CHANDURKAR, J. ]
