Dismissed

Raipur Treasure Island Pvt. Ltd. v. Jm Financial Asset Reconstruction Co. Ltd.

DRAT10 Nov 2022

Case brief

AI extract

What is this about?

Appeal against an interim order of the Debt Recovery Tribunal regarding the consideration of pendency and waiver applications. The appeal was dismissed as infructuous due to pending applications and disposed of with liberty to approach the lower tribunal.

What did the court decide?

The urgency application was disposed of as infructuous; the appeal was disposed of with liberty to move the lower tribunal.

Raipur Treasure Island Pvt. Ltd. versus Jm Financial… — Insolvency and Bankruptcy | DRAT (2022)

¶1

Appeal Dy. No. 921/2022 Date: 10.11.2022

¶2

Raipur Treasure Island Pvt. Ltd. Vs. J. M. Financial Asset Reconstruction Co. Ltd.

¶3

Present: Shri Akshat Agrawal, counsel for the appellant,

¶4

The present appeal has been filed against the interim order dated 01.11.2022 passed by the DRT, Jabalpur in S.A. No. 44/2014.

¶5

A mention was made by the learned counsel for the appellant on 09.11.2022 that the case may be taken up, as there is urgency in this matter, which was accepted, therefore, the matter has been taken up today. The report of the Registrar dated 09.11.2022 shows that the urgency application being I.A. No. 558/2022 and I.A. No. 557/2022 being waiver application are pending consideration.

¶6

Since the matter has been taken up, therefore, the I.A. No. 558/2022 being urgency application has become infructuous and is disposed off as such.

¶7

The aforesaid report further reveals that against the appellant, the total dues was Rs. 135,27,05,824/- and further that the auction purchaser has deposited a sum of Rs. 71.00 crores and sale certificate has also been issued, as such the said amount is more than 50% of the amount due, which has already been received by the Bank.

¶8

The order under challenge is an order, which records that the applications, which have been filed by the appellant before the Tribunal below, shall be considered at the time of final order and the argument is that the interim applications may be decided first.

¶9

It is for the Tribunal below to consider the interim application and other applications as per its own discretion, who has got right to regulate its own procedure, for which no direction is required to be issued by this Tribunal.

¶10

In view of the above, the appeal is disposed off with liberty to the appellant to move appropriate application before the Tribunal below for their grievance, if any and the Tribunal below shall consider and decide the same most expeditiously. Accordingly, the appeal is disposed off.

¶11

Justice R. D. Khare Chairperson

¶12

VN Giri

Raipur Treasure Island Pvt. Ltd. v. Jm Financial Asset Reconstruction Co. Ltd.

Case brief

What is this about?

What did the court decide?

Raipur Treasure Island Pvt. Ltd. v. Jm Financial Asset Reconstruction Co. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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