Disposed

Mrs. Shivkumari Kripashanker and Ors. v. Bharat Co-Operative Bank (Mumbai) Limited

DRAT11 Jul 2022MISC APPEAL/62/2018

Case brief

AI extract

What is this about?

Appellants challenging an interlocutory order directing deposit for stay in SARFAESI proceedings. Bank applied for adjustment of pending deposit. Court deemed appeal infructuous after agreeing to allow withdrawal/appropriation of funds and directed disposal of related stay petition.

What did the court decide?

IA No. 1641/2019 allowed; deposit and accrued interest released to Respondent Bank; Appeal disposed of as infructuous; DRT-II directed to dispose of pending SA No. 486/2018 expeditiously.

Mrs. Shivkumari Kripashanker and Ors. versus Bharat… — Insolvency and Bankruptcy | DRAT (2022)

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

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Misc. Appeal No. 62/2018

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Between

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MrKripashankar C. Gupta &Ors … Appellant/s V/s.

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…Respondent/s

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Bharat Co-Operative Bank ( Mumbai) Ltd. …Respondent/s MrJamshed Ansari, Advocate for Appellants. Mr. Rajesh Nagori, i/b Ms. SanjanaGhogare, Advocate for Respondent.

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-: Order dated: 11/07/2022:-

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The Appellants are here before this in Appeal challenging the impugned interlocutory order of the Ld. P.O. in D.R.T.-II Mumbai in S.A. No. 486/2018 wherein the Ld. P.O. had directed the Appellants to deposit a sum of Rs.20.00 lacs with Respondent Bank for getting a stay against dispossession on 07.03.2018. The Appellants did not comply with that order and have instead preferred this Appeal challenging the impugned interlocutory order. There was no stay obtained and hence the possession has been taken over. The Appellants have raised certain issues regarding theSarfaesi measures in the S.A. which is still pending before the D.R.T. The Appellants had deposited Rs.14,95,710/- under the second proviso to Section 18(1) before this Tribunal. The Bank has now approached this Tribunal with an application as I.A. No. 1641/2019 for withdrawal of the said amount to be adjusted towards the debt in accordance with the

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affidavit filed by the Appellants. It was agreed that Bank could appropriate the amount in deposit, and accordingly the matter before High Court was also disposed of. The Appellants have no objection to the Bank appropriating that amount towards the debt. The legal heirs of the Original Appellant are on record.

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I find that no purpose will be served by retaining the Appeal on the files of this Tribunal and since the Appellants are willing to release the amount in deposit before this Tribunal to the Respondent Bank. I.A. No. 1641/2019 is allowed and the amount in deposit together with the accrued interest shall be released to the first Respondent Bank. The Appeal has become infructuous and therefore, I dispose of this Appeal with a direction to the Ld. P.O., D.R.T.-II Mumbai to dispose of the S.A. No. 486/2018 of the files that Tribunal as expeditiously as possible.

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Sd/Chairperson

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mks-14

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Mrs. Shivkumari Kripashanker and Ors. v. Bharat Co-Operative Bank (Mumbai) Limited

Case brief

What is this about?

What did the court decide?

Mrs. Shivkumari Kripashanker and Ors. v. Bharat Co-Operative Bank (Mumbai) Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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