Mrs Gloria Joseph Cardoza v. Bank of India and Ors.
Case brief
What is this about?
The DRAT disposed of an interim application by a guarantor appellant to reduce the mandatory 50% pre-deposit under Section 21 of the RDB Act. The Tribunal granted limited relief, directing a specific sum of Rs. 2 Crores as pre-deposit instead of the mandatory 50% of the total outstanding, failing which the appeal would be dismissed.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I A No. 422/2022 (WoD)
In Appeal on Diary No. 887/2022
Between
Mrs Gloria Joseph Cardoza … Appellant/s V/s. Bank of India & Ors. …Respondent/s
Mr Bilal Choughle, Advocate for Appellant. Mr Anant B. Shinde, Advocate for Respondent No. 1.
Mr Ganeson Iyer along with Mr Nityanand Yadav, Advocate for Respondent No. 2 & 3
-: Order dated: 11/10/2022:-
- The Appellant has come up with an Appeal challenging the order of D.R.T.-II, Mumbai in O.A. No. 1089/2017 dated 14.07.2022 wherein the Appellant together with the other Defendants were jointly and severally directed to pay a sum of ₹2,66,89,982.61 with the interest at the rate of 10.70% per annum with effect from 01.08.2017 till the date of realization.
The Appellant has challenged the impugned order on various grounds. It is stated that she is only a guarantor and that even her guarantee was executed without her knowledge and, therefore, she is not liable to pay any amount to the Bank. The D.R.T. has already considered those objections and come to the conclusion that the contentions raised by the Appellant are not sustainable.
Issues for consideration
2 issues framed by the court
Whether the discretionary reduction of the mandatory pre-deposit limit under Section 21 of the RDB Act is warranted in this appeal.
Whether an interim reduction of the pre-deposit requirement is permissible when the appellant claims impecuniosity without further justification.
Parties & counsel
- appellant
Mrs Gloria Joseph Cardoza
- respondent
Bank of India
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
4 orders share this CNR
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