Debts Recovery Tribunals and Appellate Tribunals
SAMSON SHERRATT RICHARD vs MS GIC HOUSING FINANCE LIMITED on 28 August 2026
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**IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA (CAMP-HYDERABAD)**
Dy.No.1182/2025 (Regular Appeal) (IA 728/2025 in SA.418/2023 in DRT-I Hyderabad)
**THE HON'BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA** **CHAIRPERSON**
Order No.12 28.08.2026
Samson Sherratt Richard & Anr. ... Appellants -Vs M/s. GIC Housing Finance Ltd... Respondent Sri Nemani Srinivas(virtually) Learned Counsel for Appellants
Sri Rajeev Maity(virtually) Learned Counsel for Respondent
**THE APPELLATE TRIBUNAL:**
Heard in I.A.728/2025, application filed by the Appellant for waiver of pre-deposit under Section 18(1) of the SARFAESI Act,2002. Heard Ld. Counsel for the parties and perused the record.
The instant appeal is preferred against the order and judgement passed by the Ld.DRT-I, Hyderabad in SA 418/2023 wherein the SA was dismissed. Opposition to the waiver application is filed wherein the debt determined as on the date of filing of the appeal is shown as Rs.53,34,034/- Ld. Counsel for the Appellant would submit that after issuance of the notice u/s 13(2) of the Act, an amount of Rs.24 lakhs was deposited by the Appellant which is admitted by the Respondent Financial Institution as stated in Para No.4 of the Opposition in Affidavit and it is also stated that the said amount was adjusted into the loan account of the Appellant and thereafter the debt due was Rs.53,55,343/- Ld. Counsel for the Appellant would further submit that there are two loan accounts wherein one account relates to the wife of the Appellant wherein also, one IA was filed which was disposed vide Dy.No.1215/25 wherein the debt due was shown as Rs.31,48,087/- and the Appellant in the said case was permitted to make pre-deposit of 25% of the debt. Ld.counsel for the Appellant would further submit that in the present case also, the Appellant is facing financial difficulties. Since in the other appeal filed by the wife of the Appellant, an amount of 25% of the debt was deposited, the Appellant may also be permitted to deposit 25% of the debt due in this matter.
Per contra, Ld. Counsel for the Respondent Financial Institution would submit that the Appellant is required to make a pre-deposit of 50% which is mandatory.
Upon perusing the submissions of both the Ld. Counsel for the parties, we are of the considered view that a sufficient ground is taken by the Appellant regarding the financial crunch and since the Appellant has already deposited an amount of Rs.24,54,936/- after issuance of demand notice. In such circumstances, the Appellant is permitted to make a pre-deposit of 25% of the debt i.e. Rs.53,55,343/- Accordingly, I.A.728/2025 is disposed of with a direction to the Appellant to make pre-deposit as above within four weeks.
List the matter on 07.10.2026 for further orders. All the other issues relating to the claim of the Respondent Financial Institution are kept open and will be disposed of at the time of hearing the appeal.
(Anil Kumar Srivastava, J) Chairperson
Dated 28<sup>th</sup> August, 2026
Cb