The Debt Recovery Appellate Tribunal granted an extension of time to the Appellants to deposit the remaining pre-deposit amount within two weeks from the order date, noting the Respondent's opposition.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 664/2023(EoT)
In
Appeal on Diary No. 750/2023 Between
M/s. Strowberry Retailing Pvt. Ltd. & Ors. … Appellant/s V/s.
Shriram City Union Finance Ltd., …Respondent/s Through its Authorized Officer
Mr. Kushal Sawant, i/b Mr. Puneet Gogad, Advocate for Appellants. An Advocate for the Respondent is present.
-: Order dated: 04/10/2023:-
The matter is taken up for hearing by way of praecipe filed by Appellant for seeking urgent relief. The Appellants were directed to deposit a sum of ₹ 25,00,000/- as pre-deposit vide order dated 29.08.2023. The 1st instalment of ₹ 12.50 lakhs was deposited on 12.09.2023. In fact, the Appellants had deposited ₹ 15,00,000/instead of ₹ 12.50 lakhs on that date. The balance of ₹ 10,00,000/was to be deposited on or before 03.10.2023 for which the Appellant has filed this application for an extension of time stating that because of financial strain, and the reasons mentioned therein, the amount could not be deposited in time and sought three weeks extension to deposit the amount.
The Respondent Bank has vehemently opposed the application stating that the reasons stated for the extension of time are not acceptable. Considering the entire facts and circumstances of this case and the efforts made by the Appellant to deposit the amount, an
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extension of time is granted.
The balance amount payable as pre-deposit shall be paid within two weeks, on or before 18.10.2023.
Post on 19.10.2023 for reporting compliance.
Sd/Chairperson
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M/s. Strowberry Retailing Pvt. Ltd. & Ors.
Shriram City Union Finance Ltd.
Ashok Menon
As recorded by the court registry
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