Disposed

Manik Metal and Trading Co. and Ors. v. State Bank of India, Stressed Assets Recovery Branch and Ors.

Bombay HC24 Aug 2012WP/8092/2012

Case brief

AI extract

What is this about?

The High Court allowed the withdrawal of the writ petition but, in the interest of justice, granted petitioners two weeks to deposit Rs.3 crores as directed by the Debt Recovery Appellate Tribunal, with the remaining installment due within 20 days thereafter.

What did the court decide?

Withdrawal of the writ petition allowed; two weeks granted for deposit of first installment of Rs.3 crores; remaining installment allowed within 20 days.

Manik Metal and Trading Co. and Ors. Vs State Bank of… — Banking and Recovery | Bombay HC (2012)

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6.wp.8092.12.doc

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jdk

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 8092 OF 2012

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Manik Metal and Trading Co. and Ors.

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..Petitioners

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Vs.

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State Bank of India and Ors.

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..Respondents

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Mr. Mayuresh Khandeparkar i/b Kaikini Phadke and Associates for Petitioners Mr. S.J.Bhambhlani with Aparna Salunkhe and Vibha Parekh for the Respondent No.1

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Mr. Nikhil Karnawat, Nimit Srivastava i/b Maniar Srivastava Associates for Respondent Nos. 2 and 3

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CORAM : D.D.SINHA AND SMT. V.K.TAHILRAMANI, J J.

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DATE : AUGUST 24, 2012.

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P.C.:

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Heard the learned counsel for the petitioners and the learned counsel for the respective Respondents.

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This writ petition is directed against the order dated

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16.7.2012 passed by the Debt Recovery Appellate Tribunal, Mumbai whereby the petitioners are directed to deposit the amount of Rs.3 crores on or before 25.8.2012 and remaining

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amount within 20 days thereafter. The counsel for the

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petitioners seeks permission to withdraw the present writ petition and prayed that the petitioners be given two weeks

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6.wp.8092.12.doc

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time to deposit Rs.3 crores as directed by the impugned order passed by the Debt Recovery Appellate Tribunal, Mumbai and remaining installment within 20 days thereafter. The counsel for the Bank objected to the request made by the petitioners.

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On the backdrop of the above referred facts and circumstances, we dispose of the writ petition as withdrawn. In the interest of justice, we grant two weeks time from today to the petitioners to deposit the first installment of Rs.3 crores as directed by Debt Recovery Appellate Tribunal Mumbai vide impugned order and remaining installment within 20 days thereafter. Failure to deposit the first installment within the stipulated period, it will be open to Debt Recovery Appellate Tribunal to dismiss the appeal.

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[ SMT. V.K.TAHILRAMANI,J.] [ D.D.SINHA, J. ]

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kandarkar

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Manik Metal and Trading Co. and Ors. v. State Bank of India, Stressed Assets Recovery Branch and Ors.

Case brief

What is this about?

What did the court decide?

Manik Metal and Trading Co. and Ors. v. State Bank of India, Stressed Assets Recovery Branch and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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