Sjs Forex Ltd. and Ors. v. Kotak Mahindra Bank
Case brief
What is this about?
On a bail pending appeal hearing, the court noted the appellants' proposal to deposit 25% of the demanded amount immediately and the rest within 30 days to settle the matter, with a commitment to hand over possession if funds are not deposited.
What the court decided
DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Appeal No.104/2022 Arising out of S.A. No.241/2022 (DRT-I, Delhi)
SJS Forex Ltd. & Ors. Vs. Kotak Mahindra Bank Ltd.
06.06.2022 Hon’ble Mr. Justice Brijesh Sethi
Present : Mr. Siddharth Chopra, Ld. Counsel for the appellants
Mr. Sanjeev Pathak, Ld. Counsel for respondent bank
This matter has been taken up by me through Video conferencing. Mr. Sanjeev Pathak has appeared for the respondent bank today. Learned counsel for the parties state that the matter may be settled amicably. The proposal from the side of the appellants is that the appellants will deposit with the bank today itself an amount equal to 25% of Rs.1,88,22,781/- demanded by the bank under Section 13(2) of the SARFAESI Act and another 25% within 30 days from today and will sit across the table with the bank to settle the matter. Counsel further submits that in case the amounts as undertaken are not deposited, appellants themselves will hand over the possession to the bank.
In these circumstances, list the present appeal for further proceedings on 29.07.2022.
( CHAIRPERSON )
Issues for consideration
1 issue framed by the court
Whether the appeal may be settled amicably through deposit of security and possession handover.
Parties & counsel
- appellant
SJS Forex Ltd. & Ors.
- respondent
Kotak Mahindra Bank Ltd.
Coram
Brijesh Sethi
Case details
As recorded by the court registry
All orders in this case
15 orders share this CNR
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