Debts Recovery Tribunals and Appellate Tribunals
M/s Classic Cotton Private Limited vs STATE BANK OF INDIA on 1 October 2026
BEFORE THE DEBTS RECOVERY
APPELLATE TRIBUNAL, AT: MUMBAI
Present: Justice Vivek Bharti Sharma, Chairperson Misc. Appeal Diary No. 1517/2026
Between
M/s. Classic Cotton Pvt. Ltd. & Ors.
… Appellant/s
V/s.
The Authorised Officer,
State Bank of India
…Respondent/s
-: Order dated: 01/10/2026: -
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1. Present as under:
Ms. Pranjali Asubhe & Ms. Neeta Pandit (through VC), i/b M/s. A.R. Gupta & Co., Counsel for Applicants/Borrowers. Mr. Zulfiq Multani, i/b Mr. Manoj Mishra, Counsel for Respondent.
2. Vide order dated 30.09.2026, the Applicants/Borrowers were directed to deposit a sum of ₹8,94,39,557/- towards the mandatory pre-deposit under Section 18 of the SARFAESI Act after having waived to 40% as per its 3rd proviso.
3. The Learned Counsel for the Applicants/Borrowers would submit that the Applicants/Borrowers could not comply with the order passed by this Appellate Tribunal on 30.09.2026 and could not make the mandatory pre-deposit despite order. She would further submit that the Applicants/Borrowers are not in a position to deposit the said amount.
4. Per contra, the Learned Counsel for the Respondent/Bank would submit that in view of the fact that the Applicants/Borrowers have failed to make the mandatory pre-deposit, the present appeal is liable to be dismissed as rejected.
5. Considered and perused the record.
6. This Appellate Tribunal, vide order dated 30.09.2026, had unequivocally directed that in the event of failure to deposit the mandatory pre-deposit amount as required under Section 18 of the SARFAESI Act, the appeal shall stand dismissed automatically without further reference to this Appellate Tribunal.
7. As the Applicants/Borrowers have failed to comply with the aforesaid direction and have not deposited the mandatory pre-deposit amount, the present appeal stands dismissed as rejected.
8. All pending, I.As if any, stand dismissed. Sd/- Chairperson 01.10.2026
Psa-04