Ms NIRMAYA HOSPITALS Pvt Ltd AND Ors vs L I C HOUSING FINANCE Ltd on 6 October 2026

1. Present as under:

Mr. A.K. Chauhan along with Mr. Sahil Rao, Counsel for Applicants/Borrowers Mr. Rajesh Nagory along with Mr. Raj Dani & Ms. Kajal, i/b R. Sarathy, Counsel for Respondent.

2. The matter is taken up for hearing by way of praecipe filed by the Applicants/Borrowers for seeking urgent relief.

3. Heard on I.A. No. 497/2026.

4. The Learned Counsel for the Applicants/Borrowers would submit that I.A. No. 497/2026 has been filed seeking waiver of the mandatory pre-deposit to the extent of 25% of the amount stated in the notice issued under Section 13(2) of the SARFAESI Act, for filing the appeal against the order dated 26.03.2026 passed by the DRT,

Pune in Securitisation Application No. 224/2025.

5. The Learned Counsel for the Applicants/Borrowers would submit that the Respondent/Financial Institution had issued a notice under Section 13(2) of the SARFAESI Act demanding outstanding dues of ₹86,35,65,754.21/- within sixty days from the date of receipt of the said notice; that, the said notice was dated 08.11.2023.

6. The Learned Counsel for the Applicants/Borrowers would further submit that a sum of ₹1 Crore is lying with the Respondent/Financial Institution, which has not been accounted for and was deposited by the Applicants/Borrowers; that, another sum of ₹5 Crore is also lying with the Respondent/Financial Institution; that, the Applicants/Borrowers have a Demand Draft of ₹2 Crore and are ready to deposit the said amount in a no-lien account with the Respondent/Financial Institution. The Learned Counsel would further submit that the mandatory pre-deposit under Section 18 of the SARFAESI Act may be waived to the extent of 25%, in exercise of the power under the third proviso to Section 18 of the SARFAESI Act.

7. Per contra, the Learned Counsel for the Respondent/Financial Institution would submit that the present outstanding dues against the Applicants/Borrowers are to the tune of ₹144 Crore; that, there are no grounds stated in the application warranting any waiver of the mandatory pre-deposit as per the third proviso of section 18 of the

SARFAESI Act.

8. The Learned Counsel for the Respondent/Financial Institution, however, would fairly concede at bar that the amount mentioned in the notice under Section 13(2) of the SARFAESI Act is only the aforesaid sum of ₹86,35,65,754.21/- and no further notice has been issued to the Applicants/Borrowers and no sale proceedings have been initiated, therefore, the amount stated in the notice under Section 13(2) of the SARFAESI Act can be taken as the basis for determining the mandatory pre-deposit.

9. Considered and perused the record.

10. In view of the facts of the case, this Appellate Tribunal is of the considered view that, the grounds taken in the present application are not sufficient to grant waiver of the mandatory pre-deposit to the extent permissible under law. Therefore, the Applicant/Borrower is directed to deposit 50% of the amount mentioned in the demand notice, i.e. ₹86,35,65,754.21/-

11. The Learned Counsel for the Applicant/Borrower prays for two weeks to deposit the same amount.

12. Accordingly, this Tribunal directs the Applicant/Borrower to deposit 50% of ₹86,35,65,754.21/-, which comes to

₹43,17,82,877.10/- on or before 21.10.2026.

13. With this observation, the I.A. No. 497/2026 is disposed of. The Respondent Bank is at liberty to file a reply to the grounds of the Appeal and stay application with an advance copy to the other sides. On deposit of the amount, the Registry is directed to register this appeal and interlocutory application, if otherwise in order under the rules.

The amount shall be deposited in the form of a Demand Draft with the Registrar of this Appellate Tribunal.

As and when the said amounts are deposited, the same shall be invested in term deposits in the name of the Registrar, DRAT, Mumbai with any nationalised Bank, initially for 13 months, and thereafter to be renewed periodically.

14. If the deposit is made as stated in para 12 above on or before 21.10.2026, list the Appeal on 22.10.2026 for reporting compliance and hearing.

In the event of failure to deposit the said amount till 21.10.2026, the Appeal shall stand dismissed automatically without further reference to this Appellate Tribunal. Sd/- Chairperson 06.10.2026

Psa-03