https://www.taxtmi.com/caselaws?id=326803 A pre-deposit made under the second proviso to Section 18 of the SARFAESI Act is only a condition for entertaining the appeal and is neither a secured asset nor a secured debt. It remains with the Appellate Tribunal and cannot be retained by the secured creditor unless lawfully appropriated by consent or attached in valid proceedings. The creditor also has no banker's lien or appropriating right under Section 171 of the Indian Contract Act, because the deposit is not bailment to the bank. The amount is therefore refundable on disposal of the appeal, including withdrawal or infructuous disposal. en-us Fri, 22 Apr 2016 00:00:00 +0530 Tue, 26 Apr 2016 09:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326803 A pre-deposit made under the second proviso to Section 18 of the SARFAESI Act is only a condition for entertaining the appeal and is neither a secured asset nor a secured debt. It remains with the Appellate Tribunal and cannot be retained by the secured creditor unless lawfully appropriated by consent or attached in valid proceedings. The creditor also has no banker's lien or appropriating right under Section 171 of the Indian Contract Act, because the deposit is not bailment to the bank. The amount is therefore refundable on disposal of the appeal, including withdrawal or infructuous disposal. Case-Laws Indian Laws Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326803