Dismissed

Virat Crane Industries Ltd. v. Stressed Assets Stabilistation Fund and Ors.

DRAT29 Aug 2022REGULAR APPEAL/81/2023

Case brief

AI extract

What is this about?

Single judge of DRAT dismissed an application seeking a direction against the Respondent Bank to consider a Rs. 22 crore compromise proposal. The Court held such direction is impermissible when applications for condonation of delay and waiver of pre-deposit remain pending. It adjourned disposal for three weeks.

What did the court decide?

Direction to Respondent Bank to consider compromise proposal was dismissed.

Virat Crane Industries Ltd. versus Stressed Assets… — Company and Corporate | DRAT (2022)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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(Diary No. 183 of 2019)

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(Arising out of M.A. 24 of 2019 in DRT-1, Hyderabad)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA

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CHAIRPERSON

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29.08.2022	Virat Crane Industries Limited … Appellant -Vs- Stressed Assets Stabilisation Fund & Others … Respondents
	Ms. Poetry Dutta, Learned Counsel for Appellant
	Ms. Rakhi Purnima Pal, Learned Counsel for Respondent No. 1
	Mr. Laxman Kumar Bahera, Learned Counsel for Respondents No. 3, 4 and 5

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THE APPELLATE TRIBUNAL :

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I.A. 254 of 2019

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The instant application is for condonation of delay in filing the appeal against the order passed in O.A. 13 of 2003 dated 7^th January, 2019, passed by Learned DRT, Hyderabad.

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I.A. 255 of 2019

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This application is for waiver of pre deposit.

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Today an application is filed by the Appellant praying for a direction upon the Respondent Bank to consider the compromise proposal or Rs.22.00 crores.

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Heard the Learned Counsel for the parties and perused the record.

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It is the prerogative of the Bank whether to enter with the Appellant for settlement or not. No such direction could

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be issued in this appeal that too when the application for waiver of pre deposit and condonation of delay in filing the appeal are pending and yet to be considered.

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In such circumstances, the application moved today by the Appellant is misconceived and accordingly is dismissed.

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Objection against I.A. 254 of 2019 and I.A. 255 of 2019 be filed within three weeks.

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List on 12^th December, 2022 for disposal of the applications.

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(Anil Kumar Srivastava,J) Chairperson

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Dated:29^th August, 2022

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10/ac

Virat Crane Industries Ltd. v. Stressed Assets Stabilistation Fund and Ors.

Case brief

What is this about?

What did the court decide?

Virat Crane Industries Ltd. v. Stressed Assets Stabilistation Fund and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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