The Tribunal granted an extension of two weeks for the appellants to pay the third instalment of their predeposit, despite the challenge that service was defective and sufficient time had been allowed.
Appellants are granted two weeks to pay the third instalment of ₹ 8,00,000/- on or before 13.11.2023.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 717/2023(EoT)
In Appeal on Diary No. 260/2022 Between
M/s. IPSEL Ventures & Realty Pvt. Ltd. & Ors. … Appellant/s V/s. Axis Bank Ltd …Respondent/s Mr. Radhe Agrawal, i/b M/s. RAD Law, Advocate for Appellants. Mr. Alok Mishra, Advocate for Respondent.
-: Order dated: 30/10/2023:-
The Appellants have filed this application at I.A. No. 717/2023
seeking an extension of time to deposit the third instalment of predeposit amounting to ₹ 8,00,000/- which as per the original order of this Tribunal dated 08.09.2023 was directed to be paid on or before 27.10.2023.
The Appellants state that because of financial difficulty, they could not pay the amount on time, and seek four weeks of extension of time to pay the 3rd instalment. The first two instalments of ₹ 8,00,000/- each were paid on time. The Ld. Counsel appearing for the Respondent Bank has vehemently opposed the application stating that the application has not been served upon the Respondent and that sufficient time was already granted to deposit the amount but despite that, the amount has not been deposited on time.
It is also submitted that the payment was scheduled in accordance with a proposal made by the Ld. Counsel appearing for the Appellants and therefore, they cannot seek a further extension of
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time to deposit the 3rd instalment.
Considering the entire facts and circumstances of this case, I find that the Appellants have paid the first two instalments on time, and hence some more time can be granted. However, the period of four weeks sought cannot be granted. Considering the facts and circumstances, however, the Appellants are granted two weeks’ time to pay the 3rd instalment of ₹ 8,00,000/- i.e; on or before 13.11.2023. No further extension would be granted.
Post on 14.11.2023 for reporting compliance.
Sd/Chairperson
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1 issue framed by the court
Whether to grant an extension to the appellants to pay the third instalment of the predeposit amount.
M/s IPSEL Ventures & Realty Pvt Ltd
Axis Bank Ltd
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
