Chaman Singh And LRs v. State Bank of India
Case brief
What is this about?
The court hearing an RBIT appeal accepted a deposit of Rs. 30 lacs and the appellant's undertaking to clear dues. It directed the deposit to be kept in an FDR, listed the case for arguments on a later date, and noted the respondent's objection based on a High Court judgment.
What the court decided
Appeal Dy. No. 230/2022 Date: 16.09.2022
Chaman Singh Vs. State Bank of India
Present: Shri Raj Kumar Tiwari, counsel for the appellant, Shri Sandeep Arora, counsel for the respondent-Bank,
Learned counsel for the appellant files today a misc. application and deposits a demand draft no. 423757 dated 15.09.2022 for Rs. 30.00 lacs issued by IDFC First Bank in favour of the Registrar of this Tribunal. The learned counsel submits that lock of the factory may be opened so that the raw material can be sold and he undertakes to liquidate the entire dues of the Bank within 45 days.
Learned counsel for the respondent-Bank files stay vacation application and objection, which are taken on record.
Learned counsel for the respondent-Bank states that during the pendency of the present appeal, lock cannot be opened in view of the judgment passed by the Hon’ble Full Bench of the Madhya Pradesh High Court. He further states that as on date, the entire dues against the appellant is Rs. 2.49 crores.
The aforesaid amount deposited by the appellant be kept in the form of FDR in Nationalized Bank for a period of six months in auto renewal scheme.
The learned counsel for the respondent-Bank shall file copy of the said judgment before this court with copy to the counsel for the appellant by the next date.
List this case on 05.12.2022. Till then the interim order, if any, shall remain operative.
Issues for consideration
2 issues framed by the court
Whether the lock of the factory should be opened to sell raw material while theBank receives a deposit and undertakes to liquidate dues.
Whether the respondent-Bank's objection relies on a Full Bench judgment of the Madhya Pradesh High Court prohibiting lock opening.
Parties & counsel
- appellant
Chaman Singh
- respondent
State Bank of India
Coram
R. D. Khare
Case details
As recorded by the court registry
All orders in this case
13 orders share this CNR
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