Deep Motors Gallery v. Rbl Bank Limited
Case brief
What is this about?
The Debt Recovery Appellate Tribunal dismissed the appeal filed by the appellants, who failed to pay the remaining balance of the directed pre-deposit towards a security settlement under the Insolvency and Bankruptcy Code, despite having been granted time. The court held that no further extension would be accorded.
What did the court decide?
The appeal stands dismissed. No further extension of time granted.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
Appeal on Diary No. 1603/2023
Between
Deep Motors Gallery & Ors. V/s.
The RBL Bank Ltd.
… Appellant/s
…Respondent/s
An Advocate for the Appellant is present.
Ms. Meenu P. along with Mr. Bidan Chandran, i/b M/s. M.V. Kini & Co., Advocate for Respondent.
As per the vide order dated 05.09.2023, the Appellants were directed to deposit a sum of ₹65 lakhs toward the pre-deposit in two equal instalments. The Appellant had already paid a total of ₹42.50 lakhs and the Appellant had earlier sought time for payment of the balance amount till 25.10.2023 and vide order dated 11.10.2023 the time was granted till 20.10.2023 to pay the entire balance.
It was made adequately clear that in default of payment of the entire balance, no further extension of time would be granted. The Appellants have not been able to pay the entire balance.
Issues for consideration
2 issues framed by the court
Whether the appeal against the direction to deposit pre-deposit should be allowed in default of payment.
Whether further extension of time for payment should be granted.
Parties & counsel
- appellant
Deep Motors Gallery & Ors.
- respondent
The RBL Bank Ltd.
Coram
Ashok Menon
Case details
As recorded by the court registry
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