The Appellate Tribunal granted an extension of time for the appellants to deposit the first instalment of Rs. 15 Crores pre-deposit required under the SARFAESI Act, from 19.09.2022 to 03.10.2022, due to their financial crunch.
Time granted to deposit the first instalment of pre-deposit till 03.10.2022.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 443/2022 (Extn. of time)
In Appeal on Diary No. 782/2022
Between
M/s. Rajlabdhi Infrastructures Pvt. Ltd. & Ors. … Appellant/s V/s. Union Bank of India … Respondent/s
(erstwhile Corporation Bank)
Mr. Rajesh Nagori, i/b Mr. Ketan Parikh, and Mr. D. D. Chauhan, Advocate for Appellants.
Ms. A.S. Panesar, Advocate for Respondent.
-: Order dated: 20/09/2022:-
The matter is taken up for hearing by way of Praecipe filed by Appellants seeking urgent relief.
Vide order dated 29.08.2022, the Appellants were directed to pay a sum of Rs.15 Crores as pre-deposit u/s 18 (1) of the SARFAESI Act in two instalments. The first instalment was due on 19.09.2022. The Appellants could not deposit the said amount and, therefore, filed I.A. No. 443/2022 seeking an extension of time to deposit the amount of pre-deposit on the grounds of financial crunch. The second Installment is due on 10.10.2022.
The reasons stated in the application are acceptable, therefore, time is granted to deposit the first instalment till 03.10.2022 exercising powers under section 148 of the CPC.
Post on 03.10.2022 for reporting the compliance of this order.
In case of default, no further time will be granted.
Sd/Chairperson
dpj-8
1
1 issue framed by the court
Whether to grant an extension of time to deposit the pre-deposit amount sought by the appellants due to financial constraints.
2 provisions across 2 enactments
M/s. Rajlabdhi Infrastructures Pvt. Ltd. & Ors.
Union Bank of India
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
