Disposed

Shri Abdul Munaf Baba Patel & Ors. v. Idbi Bank Limited

DRAT13 Oct 2022REGULAR APPEAL/136/2015

Case brief

AI extract

What is this about?

In an appeal against a DRT order directing payment of Rs. 12.68 lakhs, the DRAT directed the appellants to deposit Rs. 6 lakhs as pre-deposit under Section 21 of the RDB Act before November 3, 2022, to be invested in term deposits.

What did the court decide?

Directed appellants to deposit Rs. 6 lakhs as pre-deposit via Demand Draft by 03.11.2022, in part fulfillment of Section 21 liability.

Shri Abdul Munaf Baba Patel & Ors. versus Idbi Bank Limited — Company and Corporate | DRAT (2022)

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

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M.A. No. 349/2015 (WoD) In Appeal No. 136/2015

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Between

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Shri Abdul Munaf Baba Patel & Ors … Appellant/s V/s.

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IDBI Bank Ltd …Respondent/s

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Mr Faizeen Shah, i/b Mr Sohel Kazi, Advocate for Appellants. Mr A. W. Barve, Advocate for Respondent.

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-: Order dated: 13/10/2022:-

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The Appellants, the borrowers are in Appeal impugning the judgment/order of the Presiding Officer, D.R.T., Nagpur in O.A. 125/2013 date 24.03.2014 wherein the Original Application filed by the Respondent Bank was allowed directing Defendants Nos. 1 to 4 jointly and severally to pay a sum of 12,68,410/- together with future interest at the rate of 9% per annum from the date of filing of the Original Application till full realization. The Appellants are aggrieved and, therefore, in Appeal.

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Under the provisions of Sec. 21 of the RDB Act, the Appellants are liable to pay 50% of the amount due. In the application for waiver of deposit, there are no acceptable grounds for reducing the amount since there is already a determination by D.R.T. regarding the amount. The Appellants have pleaded financial stress.

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The Respondent Bank has not filed any reply to date.

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Considering the entire facts and circumstances of this case, the

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exact amount as on the date of filing the Appeal is not ascertainable. Based on the order of D.R.T, the Appellants are directed to deposit a sum of Rs.6 Lakhs as pre-deposit on or before 03.11.2022. In default, the Appeal shall stand dismissed, without any further reference to this Tribunal.

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The amount shall be deposited in the form of a Demand Draft with the Registrar of this Tribunal.

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As and when the said amount is deposited, it shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

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7 With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.

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Post on 07.11.2022 for reporting compliance concerning the payment.

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Chairperson

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mks-12

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Shri Abdul Munaf Baba Patel & Ors. v. Idbi Bank Limited

Case brief

What is this about?

What did the court decide?

Shri Abdul Munaf Baba Patel & Ors. v. Idbi Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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