Debts Recovery Tribunals and Appellate Tribunals
SAGAR STEEL PVT. LTD vs KOTAK MAHINDRA BANK LIMITED AND ORS on 8 October 2026
**DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI**
**Appeal No.484/2019**
**Arising out of S.A. No.88/2018 (DRT-II, Chandigarh)**
**Item No.14**
**Sagar Steel Private Limited**
**V.**
**Kotak Mahindra Bank Limited & others**
**08.10.2026 Hon'ble Dr. Justice Sudhir Kumar Jain**
**Present:** Sh. Sanjeev Bhandari, Senior Advocate along with Sh. Arjit Sharma, Advocate for the appellant through VC
Sh. Arun Aggarwal, Advocate for the respondents 1 to 3
Ms. Seema Gupta, Advocate for the respondent 6 & 7 through VC
This matter is taken up through Hybrid hearing.
**I.A. No.447/2019 (application for reduction of pre-deposit)**
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1. The instant application is filed on behalf of the appellant for reduction of pre-deposit from 50% to 25%. Sh. Sanjeev Bhandari, Ld. Senior Advocate after referring to page 16 of the appeal paper book stated that the respondent Kotak Mahindra Bank has sold showroom admeasuring 330 sq. yards of the secured asset without giving any description in the notice for sale of immovable secured asset and due to this reason the appellant is not liable to make pre-deposit. He further stated that the respondent Kotak Mahindra Bank has also admitted in the letter addressed to the appellant that the bank has sold the property without giving any description of the property. Sh. Bhandari stated that the entire foundation of the case is fraud committed by the bank and the appellant is not liable to make any pre-deposit.
2. Sh. Arun Aggarwal, Advocate for the respondents 1 to 3/financial institution after referring to the affidavit dated 12.07.2025 which was filed in terms of the order dated 07.05.2025 stated that on the date of filing of the appeal an amount of Rs.3,39,52,975/- was outstanding against the appellant and the appellant is required to make pre-deposit on the said amount. He also stated that there is no reason for reduction of pre-deposit from 50% to 25%.
3. After considering all facts and financial position of the appellant, the appellant is directed to make deposit of 30% of Rs.3,39,52,975/- as pre-deposit within four weeks from today. The appellant, as per the report of the Registry, has made pre-deposit of Rs.22 lacs and that amount shall be deducted from the pre-deposit to be made. The application stands disposed of.
4. List on 07.04.2027 for arguments.
sd ----- **(Dr. Justice Sudhir Kumar Jain)** **Chairperson**
-pk