Smt Rekha Hiten Gandhi versus Kotak Mahindra Bbank Ltd. and Others

This is an application filed by the legal representatives and the original Appellant for returning the amount of ₹ 10,00,000/deposited by way of pre-deposit at the time of filing the appeal. Subsequently, the appeal was disposed of as withdrawn. The original Appellant is no more and his legal representatives are the present Applicants. The first Respondent is Kotak Mahindra Bank Ltd; the creditor. The bank has opposed the application stating that the debt due from the borrower and the guarantor is still outstanding to be paid, and therefore, the amount may not be disbursed to the Applicants as prayed for. It is well settled that the creditor bank will not have a lien over the amount deposited as u/s. 21 of the RDB

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Act, vide Axis Bank vs. SBS Organics Pvt. Ltd. Civil Appeal No. 4379 of 2016 (Arising out of SLP(C) No. 13861/2015) There is also no attachment obtained by the creditor with regard to this amount and hence, I find that it cannot be retained and has to be returned to the Applicants.

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The Applicants have stated that the amount was actually paid by M/s. Mehta & Co. and therefore, the amount may be returned to them. The application is, therefore, allowed and the Registry is directed to return the amount to Mr Hemant C. Mehta who is representing M/s. Mehta & Co., on proper acknowledgement.

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The application is disposed of.

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rm-21

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Smt Rekha Hiten Gandhi v. Kotak Mahindra Bbank Ltd. and Others

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Smt Rekha Hiten Gandhi v. Kotak Mahindra Bbank Ltd. and Others

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