DrAT granted a three-week extension to the Appellant to deposit the balance ₹2.5 crores pre-deposit amount against an order dated 20.06.2023.
Extension of time granted to pay balance ₹2.5 crores within three weeks on or before 30.08.2023.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 541/2023
In Appeal on Diary No. 933/2023 Between
M/s Rajarshi Cars Pvt. Ltd. &Anr. … Appellant/s V/s.
Authorised Officer, Deutsche Bank AG …Respondent/s Mr Gaurang Kinkhabwala, Advocate for Appellants. Mr Rafeeq Peermohideen along with D. Banerji, i/b Ms Sapana R., Advocate for the Respondent Bank
-: Order dated: 09/08/2023:-
This application is filed for an extension of time to make the balance amount order to be deposited by the Appellants vide order dated 20.06.2023 of this Tribunal. The Appellant has already deposited ₹ 3.5 crores and the balance of ₹ 2.5 crores is yet to be paid. The Appellants submit that because of some financial crunch, they require further time to deposit the amount and have sought four week's extension of time to pay the balance amount.
The Ld. Counsel appearing for the Respondent has vehemently opposed the application stating that the Applicants themselves had expressed their willingness to pay the entire amount and redeem the mortgage and now they are coming up with an excuse that we do not have money to pay the balance.
After having considered the entire facts and circumstances, this Tribunal finds that it is only reasonable that an extension may be granted to the Appellants to pay the balance of the pre-deposit.
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The Appellant shall pay the balance amount within a period of three weeks, i.e., on or before 30.08.2023 failing which the appeal shall stand dismissed without any further extension of time.
Post on 31.08.2023 for reporting compliance.
Sd/Chairperson
rm-8
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M/s Rajarshi Cars Pvt. Ltd.
Authorised Officer, Deutsche Bank AG
Ashok Menon
As recorded by the court registry
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