Ms Vasa Aluminium Pvt. Ltd. and Ors. v. Bank of Baroda
Case brief
What is this about?
Appeal regarding pre-deposit requirements under Section 18(1). The Tribunal directed the Respondent Bank to produce Banker Books certified account statements to determine the accurate outstanding debt balance, rejecting the claimant's figure based on admitted payments and unchallenged property sale.
What did the court decide?
Directed the Respondent to produce the certified statement of account to determine the correct pre-deposit amount.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson I.A. No. 707/2023 (WoD)
In Appeal on Diary No. 1904/2023
Between
M/s. Vasa Aluminum Pvt. Ltd. & Ors. … Appellant/s V/s.
Bank of Baroda …Respondent/s
Mr. Gaurang Kinkhabwala along with Ms. Sonali Jain, Advocate for Appellants.
Mr. Rajesh Dubey along with Ms. Shradha Agarwal, Advocate for Respondent.
-: Order dated: 31/10/2023:-
The reply has been filed by the Respondent which mentions that there is an outstanding balance of ₹11.35 crores due as of 20.10.2023. But the fact remains that one item of property has already been sold and that sale is unchallenged. The Respondent also admits that the Appellants have, consequent to the demand notice under section 13 (2) paid a sum of ₹1.95 Crore towards the debt. The Appellant therefore submits that it is highly improbable that the outstanding amount would still be a sum of ₹11.35 Crores.
The 1st Respondent Bank is therefore, directed to produce the statement of account duly certified as per the Banker Books of Evidence Act to indicate the balance that is due on the date of the filing of this appeal to determine the amount that is to be paid by the Appellants u/s 18 (1) as pre-deposit.
Issues for consideration
2 issues framed by the court
Whether to determine the accurate outstanding debt balance before fixing the pre-deposit under section 18(1) of the Securitisation Act given unvaried sale proceeds and admitted partial payments.
Whether the sale of property and consequent payments should be accounted for to derive a truthful outstanding balance figure.
Parties & counsel
- appellant
M/s. Vasa Aluminum Pvt. Ltd. & Ors.
- respondent
Bank of Baroda
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
6 orders share this CNR
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