This is an interim order regarding an application for extension of time to pay pre-deposit for an appeal. The tribunal directed the appellant to deposit the balance within two weeks and continued interim orders.
Directed to deposit balance of ₹2 Crore within two weeks; continued interim orders.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 831/2023(EoT)
In Appeal on Diary No. 1965/2023 Between
Khodal Cotton Processing Pvt Ltd. & Ors … Appellant/s V/s.
Authorized Officer, State Bank of India …Respondent/s
An Advocate for the Appellants is present.
Mr. Omkar Kelkar, Advocate for the Respondent appeared through Video Conferencing.
-: Order dated: 22/12/2023:-
The matter is taken up for hearing by way of praecipe filed by Appellant for seeking urgent relief.
This Tribunal had vide order dated 10.11.2023 directed the Appellant to deposit a sum of ₹ 3.75 crores as pre-deposit for entertaining the appeal. The Appellants immediately paid ₹ 30,00,000/- on the date of the order and the balance amount of ₹ 3.45 crores was directed to be paid in two instalments. The 1st instalment of ₹ 1,20,00,000/- was paid on 01.12.2023 and the 2nd instalment of ₹ 2,25,00,000/- was directed to be paid on or before 22.12.2023. The Appellants could manage to deposit a sum of ₹ 25,00,000/- only and seek an extension of three weeks to deposit the balance of ₹ 2 crores.
The Ld. Counsel appearing for the Respondent bank has vehemently opposed the application stating that sufficient time was already granted to them and therefore, the Appellants are not entitled to any further indulgence, and that the Respondent may be
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permitted to proceed with taking over possession of the secured assets, and to be handed over the auction purchaser who has already deposited the entire amount.
Considering the entire facts and circumstances, I find that the Appellant has been making an earnest attempt to deposit the entire pre-deposit amount. Therefore, the Appellants are directed to deposit the balance of ₹ 2 Crore within two weeks, i.e. on or before 05.01.2024.
The interim orders shall continue.
List on 08.01.2024 for reporting compliance.
Chairperson
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2 issues framed by the court
Whether the appellant is entitled to an extension for depositing the balance pre-deposit amount given their partial payment efforts.
Whether the interim orders in the underlying proceedings should be continued pending compliance.
Khodal Cotton Processing Pvt Ltd. & Ors
Authorized Officer, State Bank of India
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
