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Amount deposited by defaulter as part of One-Time Settlement not accepted by bank was to be refunded

August 22, 2019[2019] 108 343 (SC)

FEMA, Banking & Insurance: Where appellants-defaulters deposited Rs. 40 crores in terms of order of High Court on 11-10-2017 to show bona fides of appellants when a revised offer was made by them for one time settlement with bank to whom an amount was due but said offer was rejected and High Court had directed that deposit would be treated as a deposit in Registry of High Court, it was held that bank as a 'secured creditor' would be entitled to proceed only against 'secured assets' mentioned in notice under section 13(2) of the SARFAESI Act and appellants were entitled to withdraw sum deposited by them in terms of said order dated 11-10-2017

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