DRT-Appeal Tribunal allowed waiver of remaining 25% pre-deposit for financial reasons. Allowed amicable settlement approach and restrained bank from property possession pending hearing. Listed for settlement.
Allowed waiver of 25% pre-deposit; restrained bank from taking possession of property.
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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Appeal No. 189/2022
Arising out of S.A. No. 248/2022 (DRT-I, Delhi)
Super Disco Ispat Pvt. Ltd.
Vs
Bank of Baroda
26.08.2022 Hon’ble Mr. Justice BrijeshSethi
Present: Mr. S K Srivastava, Ld. counsel for the appellant.
Mr. SumeetAnand, Ld. counsel for the respondent.
This matter has been taken up by me through Video Conferencing.
Ld. counsel for the appellant has make the payment of Rs.1,41,50,000/towards the pre-deposit amount.
IA No. 503/2022
Appellant has made a deposit of Rs.1,41,50,000/- which constitutes 25% of pre-deposit and has moved an application for waiver of the remaining 25% pre-deposit amount. He submits that appellant is in financial distress and still ready to settle the dispute even by selling his property.
In view of above submission, the application for waiver of the remaining 25% pre-deposit is allowed in the interest of justice and the appeal is entertained for hearing without insisting on the balance 25% pre-deposit.
Misc. Appeal No.189/2022
In view of the payment of 25% of the pre-deposit amount by the appellant, let the bank not take the possession of the property bearing no. F-47, and G- 1/81, RIICO Industrial area, Chopanki, Tehsil Tijara, Distrct Alwar, Rajasthan till next date of hearing.
Both parties are directed to sit together to arrive at an amicable settlement. List on 10.10.2022 for settlement, if any/ hearing in the appeal.
(CHAIRPERSON)
-ap
2 issues framed by the court
Whether the appeal should be entertained after partial pre-deposit and waiver of balance by waiver application
Whether the bank should be restrained from taking possession pending settlement or appeal hearing
2 provisions across 2 enactments
Super Disco Ispat Pvt. Ltd.
Bank of Baroda
Brijesh Sethi
As recorded by the court registry
4 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
