Hans Ispat Lts v. Bank of Baroda
Case brief
What is this about?
The Bench held that the Debt Recovery Appellate Tribunal shall not entertain an appeal unless a pre-deposit is made under S. 21 of the RDB Act. It imposed a pre-deposit of Rs. 25 Crores to be paid in two installments, dismissing the case on default.
What did the court decide?
A.S. 25 Crores pre-deposit to be paid in two installments; Notice for reporting compliance.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 605/2022 (WoD)
In
Appeal on Diary No. 716/2022
Between
Hans Ispat Ltd & Anr. … Appellant/s V/s.
Bank of Baroda & Ors. …Respondent/s
Mr. Rishabh Shah along with Ms. Madhavi Doshi, i/b M/s. Phoenix Legal, Advocate for Appellant.
Mr. Bhaskar Sharma, Advocate for Respondent No.1
Ms. Mumtaz Khan, Advocate for Respondent No.2
Mr. Harsh Behany along with Mr. Gurave Gandhi, i/b M/s. H.N. Legal, Advocate for Respondent No.3
-: Order dated: 11/07/2023:-
The Appellants are the borrowers who have challenged the order of the Debts Recovery Tribunal - I, Ahmedabad (D.R.T.) in Appeal No. 02/2022 which was filed u/s 30 of the Recovery of Debts and Bankruptcy Act, 1993 (‘RDB Act’, for short) challenging the order passed by the Recovery Officer in Recovery Proceedings No. 246/2019. The Appellants had challenged the sale on various grounds including the ground that the property was undervalued.
Issues for consideration
2 issues framed by the court
Whether the Appellants need to comply with mandatory pre-deposit provisions u/s 21 of the RDB Act to entertain the appeal.
What amount of pre-deposit should be fixed considering the due amount and financial status of the Appellants.
Parties & counsel
- appellant
Hans Ispat Ltd & Anr.
- respondent
Bank of Baroda & Ors.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
4 orders share this CNR
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