Case Law Analysis
|Madras High Court
Section 18 SARFAESI Act | Pre-Deposit Must Include Principal + Interest as 'Debt' : Madras HC
Madras High Court rules that 'debt' under Section 18 of the SARFAESI Act encompasses both principal and interest, making the full claim amount mandatory for pre-deposit before filing an appeal. The decision clarifies that the definition aligns with the Recovery of Debts Act, 1993, impacting borrowers and secured creditors in debt recovery proceedings.