Manojkumar Sureshchand Lunkad and Ors. v. Punjab National Bank
Case brief
What is this about?
The bench granted an extension of time for the appellant to pay the balance pre-deposit, limiting further time. It clarified that no stay operates until the full first instalment is paid, permitting the respondent to proceed with possession of secured assets post 20.02.2023.
What did the court decide?
Extension of time granted for balance pre-deposit payment within two weeks; bank allowed to proceed with possession.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 69/2023 (Extension of time)
In
Appeal on Diary No. 1472/2022
Between
Manojkumar Sureshchand Lunkad & Ors. … Appellant/s V/s. The Authorised Officer, …Respondent/s
The Authorised Officer, Punjab National Bank & Ors.
Mr Vipinchnadra Kasle, Advocate for Appellants.
Ms Hema Desai, i/b M/s. Singh & Co., Advocate for Respondent No. 1.
Mr Puneet Gogad, Advocate for Respondent No. 3 to 5.
-: Order dated: 03/02/2023:-
The matter is taken up for hearing by way of Praecipe filed by the Appellant seeking urgent relief. The Appellant was directed to pay the pre-deposit in two instalments. Though the first instalment of ₹ 51,25,000/- was directed to be paid on or before 31.01.2023, the Appellant succeeded in paying only ₹ 25,00,000/- towards that amount and he seeks time for payment of the balance amount.
Issues for consideration
2 issues framed by the court
Whether to grant an extension of time for payment of the remaining pre-deposit amount towards the first instalment.
Whether to impose a stay on execution proceedings pending compliance of the pre-deposit requirement.
Parties & counsel
- appellant
Manojkumar Sureshchand Lunkad & Ors.
- respondent
The Authorised Officer, Punjab National Bank & Ors.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 · Ashok Menon
- Order 2 — this page · Ashok Menon
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