The Tribunal granted an interim order to stall the immediate possession of secured assets handed over to an auction purchaser while an application for waiver of deposit was pending. An additional deposit of ₹20 lakhs was directed.
Stalling of possession of property; acceptance of ₹75 lakhs as pre-deposit with ₹20 lakhs to be deposited by 29.05.2023.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 329/2023 (WoD)
In
Appeal on Diary No. 812/2023
Between
M/s Bholenath Industries & Ors. … Appellant/s V/s. Authorized Officer, Punjab National Bank …Respondent/s
Mr Rajesh Nagory, i/b Mr Kanjani Trivedi, Advocate for Appellants.
Mr Fraser M Alexander, Advocate for Respondent Bank.
-: Order dated: 26/05/2023:-
The matter is taken up for hearing by way of a praecipe dated 23.05.2023 filed by the Appellants for seeking urgent relief.
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considering the fact that a demand draft of ₹55 Lakhs has been produced today and the Ld. Counsel for the Appellants undertakes to deposit ₹20 lakhs by 29.05.2023, there shall be an interim order to stall the possession of the property being handed over to the auction purchaser till the next date of hearing and a reply together with the statement of account shall be filed for further hearing of the application for waiver of deposit. Default in payment entails dismissal of the appeal.
Stand over to 02.06.2023 for further hearing on the application for waiver of deposit.
mks- 3
Sd/Chairperson
2
M/s Bholenath Industries & Ors.
Authorized Officer, Punjab National Bank
Ashok Menon
As recorded by the court registry
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