Allowed

M/s Natraj Sortex, through Its Prop. &ndash; Shri Natwar S/O Vishnukumar Modi v. State Bank of India

DRAT10 Oct 2022IA/502/2022

Case brief

AI extract

What is this about?

The Tribunal extended the time for payment of the third installment of a Rs. 44 lakhs pre-deposit by two appellants, allowing it to be paid together with the fourth installment due on 21/10/2022.

What did the court decide?

Extension granted for the third installment to be paid together with the fourth installment due on or before 21.10.2022.

M/s Natraj Sortex, through Its Prop. &ndash; Shri… — Insolvency and Bankruptcy | DRAT (2022)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson

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I.A. No. 502/2022

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Misc. Appeal on Diary No.670/2022

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Between M/s. Natraj Sortex, through its Proprietor … Appellant/s Shri Natwar S/o Vishnukumar Modi V/s. State Bank of India …Respondent/s And I.A. No. 503/2022 In Misc. Appeal on Diary No. 667/2022 Between M/s. Shanti Rice Mill, through its Proprietor … Appellant/s Shri. Vishnukumar S/o Ramvilas Modi V/s. State Bank of India …Respondent/s And

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I.A. No. 504/2022 In

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Misc. Appeal on Diary No. 673/2022

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Between

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Shri. Vishnukumar S/o Rambilas Modi … Appellant/s V/s. State Bank of India …Respondent/s Ms Durga S. Soni, i/b Mr Radhe Agarwal, Advocate for Appellants. Mr. Rohan Sawant, i/b M/s. Utangale & Co., Advocate for Respondent.

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-: Common Order dated: 10/10/2022: -

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The Applications at Diary Nos.1017/2022, 1021/2022, and 1022/2022 filed by the Appellants in the above-mentioned Appeals which are also at the lodging stage. Vide order of this Tribunal dated 26.08.2022 the Appellants were directed to pay a sum of Rs. 44 lakhs in four installments as pre-deposit u/s 18 (1) of the SARFAESI Act.

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The first installment of ₹ 11 lakhs was paid within the time on 09.09.2022 and the second installment of the sum of ₹ 11 lakhs was also paid on time before 23.09.2022.

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The third installment was to be paid on or before 07.10.2022 the Appellants had some financial crunch as a result of which they were not able to pay the amount on time and therefore, filed these applications which are at the lodging stage seeking an extension of time invoking the provision of section 19 (25) of the RDB Act.

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Heard the learned counsel appearing for the Appellants and the Respondent Bank.

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The learned counsel appearing for the Respondent Bank vehemently opposed the application for an extension of time to deposit the balance amount.

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The Appellants had already paid more than half of the amount which was directed to be paid. It is only when the payment of the third installment was due that they defaulted the order of this Tribunal. The Appeal would stand dismissed automatically in case the payment of installments is defaulted.

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The Appellants had filed this application online on the last date of payment. The reason for the delay is explained. I am of the opinion that the Appellants have made an earnest attempt to pay the amount directed to be paid.

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The learned counsel appearing for the Appellants submits that the third installment would be paid together with the fourth installment which is due on or before 21.10.2022. Invoking the power of this Tribunal u/s 19 (25) of the RDB Act as also exercising jurisdiction under u/s 148 of the Code of Civil Procedure the time granted for payment of the third installment is extended, and said

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installment shall be paid together with the fourth installment due on or before 21.10.2022.

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No further extension will be granted.

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Post on 25.10.2022 for compliance.

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Sd/Chairperson

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psa-15 to 17

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M/s Natraj Sortex, through Its Prop. &ndash; Shri Natwar S/O Vishnukumar Modi v. State Bank of India

Case brief

What is this about?

What did the court decide?

M/s Natraj Sortex, through Its Prop. &ndash; Shri Natwar S/O Vishnukumar Modi v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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