Bank of India v. M/ s maa Diwri Rice mills and Anr.

Appeal Dy. No. 157/2022 Date: 11.05.2022

Bank of India Vs. M/s Diwri Rice Mills & Anr.

Present: Shri Alok Rai, counsel for the appellant, Shri Sanjai Singh, counsel for the respondents,

Learned counsel for the appellant-Bank submits that the Tribunal below has passed the final order by way of interim relief directing the Bank to reopen the premises of factory, if the respondent-borrower deposits Rs. 10.00 lacs within 15 days and thereafter, shall pay the substantial amount but in any event not lesser than Rs. 6.00 lacs per month. Further, the Bank would depute a representative to oversee the affairs of the company and to take stock of the accounts of expenditure and receipts of the company.

Learned counsel for the respondents submits that the borrower has already deposited Rs. 1.83 crores after declaration of the account as NPA and now he undertakes to deposit Rs. 10.00 lacs per month instead of Rs. 6.00 lacs till the whole outstanding is liquidated. Learned counsel for the respondents also undertakes that if there is any default in payment, the borrowers shall have no objection for taking the possession of the premises of the factory by the Bank.

Let the amount be deposited by the respondents-borrowers as undertaken.

Respondents may file reply within four weeks after serving a copy of the same to the counsel for the appellant-Bank, who may file rejoinder within two weeks thereafter.

List this case on 08.08.2022 for rejoinder, by which time pleadings be completed by the parties.