M/s. Sanket Industries Limited v. Bank of India
Case brief
What is this about?
The DT Appellate Tribunal at Mumbai dismissed the appeal against a direction to pay ₹2 crore in two instalments under Section 21 of the RDB Act, due to failure to deposit the first instalment by the deadline, treating it as an automatic dismissal.
What did the court decide?
The appeal is dismissed as the appellant failed to deposit the first instalment of ₹1 crore within the stipulated time. All miscellaneous applications are dismissed as infructuous.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
Appeal on Dairy No. 949/2022
Between
M/s. Sanket Industries Ltd. … Appellant/s V/s. Bank of India …Respondent/s
Mr. Shubham Dubey, i/b Mr. Sunil Humbre, Advocate for Appellant. Mr. Prashant A Shinde, i/b M/s. Anant B Shinde & Co., Advocate for Respondent.
-: Order dated: 29/11/2022:-
The Appellant was directed to pay ₹ 2,00,00,000/- in two instalments u/s. 21 of the RDB Act within a period of six weeks. The first instalment of ₹ 1,00,00,000/- was directed to be deposited on 28.11.2022.
The office reported that the amount has not been deposited. This entails in dismissal of the appeal automatically without any reference to this Tribunal.
Hence, the appeal stands dismissed.
All Misc. Applications, if any, are dismissed as infructuous.
Sd/Chairperson
Issues for consideration
1 issue framed by the court
Whether the appeal stands dismissed due to non-deposit of the directed amount of ₹2,00,00,000
Parties & counsel
- appellant
M/s. Sanket Industries Ltd.
- respondent
Bank of India
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
4 orders share this CNR
Similar cases
Judgements on the same questions, provisions and authorities, from every court