M/S Vishwanath Premanath versus Punjab National Bank

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson M.A. No. 406/2015 (Contempt Application) In Appeal No. 115/2012

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Between

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M/s. Vishwanath Premanth & Ors. … Appellant/s V/s. Punjab National Bank …Respondent/s

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Mr Mahesh B. Karule, Advocate for Appellant.

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Mr. Bidan C. along with Mr. Mittal Parekh, i/b M/s. M.V. Kini & Co., Advocate for Respondent No.1

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-: Order dated: 20/12/2022:-

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This Tribunal has passed an order on 17.10.2022 directing the Appellants to deposit a sum of ₹ 40 lakhs within eight weeks on or before 19.12.2022.

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The Appellants challenged the order of this Tribunal by filing a Writ Petition No. 15261/2022, wherein certain concessions were granted to the Appellants. They were directed to deposit a sum of ₹ 6 lakhs to be paid to the auction purchasers, Respondent No. 2 to 4 within three working days.

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The Appellants neither complied with that order nor did they get an extension of time from the Hon’ble High Court of Judicature at Bombay. As a result of which the concession granted to the Appellant is no longer available to him.

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Regarding the pre-deposit to be made, the maximum

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1

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indulgence was granted to the Appellant. The total amount that is due from the Appellant as of the date of filing the Appeal is about ₹ 2,13,56,375/- and learned counsel for the Respondent submits that the amount that is due now is more than ₹ 4 Crores. The Ld. Counsel for the Appellants seeks a further extension to pay the predeposit.

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I find that no further indulgence can be granted to the Appellants as they had sufficient time to pay the amount. And therefore, the Appeal is only to be dismissed for non-compliance with the mandatory pre-deposit.

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Sd/Chairperson

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psa-18

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M/S Vishwanath Premanath v. Punjab National Bank

Case brief

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M/S Vishwanath Premanath v. Punjab National Bank

Case brief

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