St.Mary'S Hotel(P) Ltd.& Anr vs Kottayam Dist.Coop.Bank Ltd.& Ors

The Supreme Court directed that the amount of Rs.2 crores paid by the petitioners to the respondent-Bank be appropriated towards their dues, as they had already exceeded the pre-deposit requirement of Rs.65 lakhs set by the Debt Recovery Appellate Tribunal under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The Court held that no further payment was necessary and prohibited any coercive recovery actions during the pending appeal. The question of law regarding the SARFAESI Act and the Multi-State Cooperative Societies Act, 2002 remains open for future consideration.