Disposed

M/s Samrat wines and others v. Hdb Financial Services Ltd.

DRAT3 Jun 2022MISC APPEAL/51/2022

Case brief

AI extract

What is this about?

Debt Recovery Appellate Tribunal disposed of a miscellaneous appeal where appellant deposited the sum in dispute. Court released the amount with interest to respondent, ordered lower tribunal to dispose of related suit within four months, and maintained status quo for settlement efforts.

What did the court decide?

Release of deposited amount with interest to respondent; MCs Appeal disposed; direction to lower tribunal to decide within four months.

M/s Samrat wines and others versus Hdb Financial Services Ltd. — Banking and Recovery | DRAT (2022)

¶1

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

¶2

Misc. Appeal No. 51/2022

¶3

Between M/s Samrat Wines & Ors. … Appellant/s V/s. HDB Financial Services Ltd. …Respondent/s

¶4

Mr. Rajesh Nagori, i/b Ms. Amita Chaware, Advocate for Appellant.

¶5

Mr. Puneet Gogad along with Mr. Padmakar Garad, i/b M/s. S. G. Legal & Associates, Advocate for Respondent.

¶6

-: Order dated : 03/06/2022 :-

¶7

Order dated 17.05.2022 of this Tribunal to deposit the amount has been complied with. The total amount deposited is Rs.85 Lacs.

¶8

The Respondent has filed Misc. Application No. 18/2022 seeking to withdraw the amount that is deposited with Tribunal by Appellants. It is agreed mutually that amount can be withdrawn by Respondent and that the Appeal itself can be disposed with direction to the D.R.T., Nagpur, to expeditiously dispose of the S.A. (Diary) No. 251 of 2022.

¶9

The Ld. Counsel appearing for the Respondent also submits that no coercive steps will be taken for the period of two months and he has also requested that the S.A. may be directed to be disposed of within the period of two months.

¶10

Ld. Counsel for the Appellants also submits that he has no objection if the said amount is being withdrawn by first

¶11

Respondent and he also agreed that the present Misc. Appeal may be disposed of with a direction to the D.R.T., Nagpur, to expeditiously dispose of the S.A. but he submits that four months time may be given for settling the matter and four months time may be given to D.R.T., Nagpur, to dispose the S.A. within which period Appellants will try to settle the matter with Respondent.

¶12

Considering the circumstances of the case, I find that since the S.A. is of the year 2022, it will be reasonable that the D.R.T., Nagpur, be directed to dispose of the matter as expeditiously as possible preferably within the period of four months from the date of receipt of the order.

¶13

Till that such time status-quo shall be maintained by both the parties and parties shall endeavour to settle the dispute. The amount lying in deposit with this Tribunal, along with interest accrued thereon, shall be released to Respondent without prejudice to the contentions raised by Appellants.

¶14

Hence, Misc. Appeal stands disposed of accordingly.

¶15

All other Miscellaneous Applications, if any, are dismissed as infructuous.

¶16

mks-5

M/s Samrat wines and others v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

M/s Samrat wines and others v. Hdb Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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