Appeal against DRT order staying R.C. proceedings. Tribunal noted conflicting submissions on pre-deposit and recovery. Disposed by listing matter for further proceedings and reply.
Directed parties to appear before DRT on 07.04.2022 to make submissions and list appeal for 21.07.2022 for reply and further proceedings.
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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Appeal No.39/2022 Arising out of Appeal (NDN) 942/2021 (DRT-II, Delhi)
M/s International Asset Recon. Co. Pvt. Ltd. Vs M/s Nuchem Ltd.
05.04.2022 Hon’ble Mr. Justice Brijesh Sethi
Present: Mr. R.P. Agrawal and Ms. Manisha Agrawal, Ld. counsel for appellant
Mr. Sanjeev Bhandari and Mr. Anand Aggarwal, Ld. counsel for respondents 1 and 2
Proxy Mr. Yash Tomar for Mr. R.P. Vats, Ld. counsel for respondent Punjab National Bank
This matter has been taken up by me through Video Conferencing.
This appeal is against the order dated 24.03.2022 vide which the learned Presiding Officer of DRT-II, Delhi has listed the matter for 07.04.2022 for further proceedings and till then stayed the R.C. proceedings.
Learned counsel for respondents seek time to file reply to the appeal.
Learned counsel for appellant states that the appellant had raised number of objections, including that of pre-deposit, before the learned DRT, but the learned Presiding Officer without even insisting on the pre-deposit, passed the stay order. Learned counsel for respondents 1 and 2, however, states that the entire R.C. amount stands recovered by the appellant.
In view of the rival submissions made by the counsel for the parties, this Tribunal is of the opinion that parties should make all their submissions before the learned DRT on the next date. Accordingly, they are directed to appear and make their submissions before the DRT on 07.04.2022, the date already fixed in the matter, and learned DRT is directed to hear and decide the issues at the earliest, if need be, by taking up the matter on day-to-day basis. Let no adjournment be taken by the parties on the next date.
Learned counsel for the appellant submits that the learned Presiding Officer may be directed to decide the issue of pre-deposit before proceeding to hear the other issues. Learned counsel for respondents 1 and 2, on the other hand, objects to this request on the ground that full recovery has been effected
by the appellant. Let the learned Presiding Officer hear the parties and decide this issue also in accordance with law.
List the appeal for 21.07.2022 for reply and further proceedings.
(CHAIRPERSON)
-pk
M/s International Asset Recon. Co. Pvt. Ltd.
M/s Nuchem Ltd.
Punjab National Bank
Brijesh Sethi
As recorded by the court registry
3 orders share this CNR
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