The Debt Recovery Appellate Tribunal stayed an order directing the appellant to refund Rs. 8.26 crores to respondent no. 2 within 15 days. Notice was issued to respondent no. 2, and proceedings were listed for further hearing.
Notice issued to respondent no. 2; refund direction stayed pending further hearing.
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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Appeal No.37/2022 Arising out of S.A.No.1/2019(DRT-II, Delhi)
Indian Bank Vs
Best Grains Pvt. Ltd. & Anr.
06.05.2022 Hon’ble Mr. Justice Brijesh Sethi
Present: Mr. Gautam Awasthi, Ld. Counsel for the appellant.
Mr. Pallav Saxena, Ld. Counsel for the Respondent no. 1.
This matter has been taken up by me through Video Conferencing.
This is an appeal filed by the appellant against the order dated 26.04.2022. Ld. Counsel for the appellant has drawn attention of this Tribunal to the subclause (c) of the order whereby the appellant has been directed to refund a sum of Rs. 8.26 crores to respondent no. 2 along with interest thereon @ 8% per annum w.e.f. 01.06.2019 till actual payment in the hands of respondent no. 2 within 15 days.
Notice. Mr. Pallav Saxena accepts notice on behalf of respondent no. 1/Caveator.
Let notice be issued to respondent no. 2 also through all permissible modes for 10.05.2022. Till then, the operative part of the order so far as it directs appellant to return the amount of Rs.8.26 crores stands stayed.
Ld. Counsel for the Respondent no. 1 states that he will file the reply within seven days. He also submits that respondent no. 1 is in possession of the property in question and it will not alienate or create any third party interest in the property till the next date of hearing.
List the matter for further proceedings on 10.05.2022.
(CHAIRPERSON)
-pk
2 issues framed by the court
Whether the stay order should be maintained pending final determination of the appeal.
Whether notice should be issued to respondent no. 2 regarding the refund direction.
Indian Bank
Best Grains Pvt. Ltd.
Respondent no. 2
Brijesh Sethi
As recorded by the court registry
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