TaxTMI 
TaxTMI 
2011 (3) TMI 1478
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....very Appellate Tribunal, Kolkata (for short, "the Appellate Tribunal") in Appeal No. 35 of 2009, whereby the Appellate Tribunal, while allowing the application filed by the appellant under section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "the Act") had exempted the appellant from making any deposit in terms of the second proviso to section 18 of the Act before entertaining the appeal against the order passed by the Debts Recovery Tribunal. 3. With the consent of learned counsel for the appellant as also the respondent-bank, which is on caveat, we have heard the matter finally at the motion hearing stage itself. Since the issue canvassed before us is a pure....
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....by the Debts Recovery Tribunal under section 17, may prefer an appeal along with such fee, as may be prescribed to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal : Provided that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower : Provided further that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent of the amount of debt due from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less : Provided also that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twe....
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...., so long as the conditions are not so onerous as to amount to unreasonable restrictions, rendering the right almost illusory. Bearing in mind the object of the Act, the conditions hedged in the said proviso cannot be said to be onerous. Thus, we hold that the requirement of pre-deposit under sub-section (1) of section 18 of the Act is mandatory and there is no reason whatsoever for not giving full effect to the provisions contained in section 18 of the Act. In that view of the matter, no court, much less the Appellate Tribunal, a creature of the Act itself, can refuse to give full effect to the provisions of the statute. We have no hesitation in holding that deposit under the second proviso to section 18(1) of the Act being a condition pre....