The Tribunal granted an extension of time until 30.11.2023 for the appellants to deposit the balance of the pre-deposit. The court noted the appellants' earnest attempts and permitted the delay due to festive commitments.
Extension of time to 30.11.2023 granted for the payment of the 2nd instalment of ₹ 7,00,000/-.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 762/2023 (EoT) In
Appeal on Diary No. 1791/2023
Between
Phorum Jigneshbhai Brahmbhatt & Anr. … Appellant/s V/s.
The Authorized Officer, Punjab National Bank
…Respondent/s
An Advocate for Appellants is present.
Ms. Akshata Pawar, i/b Ms. Bhuta & Associates, Advocate for Respondent.
-: Order dated: 17/11/2023:-
The Appellants were directed to deposit a sum of ₹ 24,00,000/- as pre-deposit for entertaining the appeal, and ₹ 10,00,000/- was deposited. The balance of ₹ 14,00,000/- was directed to be paid in two equal instalments of ₹ 7,00,000/- each. The Appellants have complied with the payment of 1st instalment of ₹ 7,00,000/- in time. The 2nd instalment of ₹ 7,00,000/- was due on 16.11.2023.
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stating that the grounds sought for extension of time are not sufficient. After hearing both sides, I find that the Appellants have made earnest attempts to deposit sufficient amounts. There is only a balance of ₹ 7,00,000/- to be paid, for which, time is granted till 30.11.2023.
Chairperson
rm-6
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1 issue framed by the court
Whether an application for extension of time for payment of the second instalment of pre-deposit should be allowed in view of the intervening festive season.
Phorum Jigneshbhai Brahmbhatt & Anr.
The Authorized Officer, Punjab National Bank
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
