Appeal against order directing pre-deposit. Tribunal granted extension for balance amount due as first instalment, directing joint payment with subsequent instalment.
Granted time to pay balance of ₹60,00,000 towards first instalment to be paid along with second instalment.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 832/2023(EoT)
Appeal on Diary No. 2130/2023 Between
Sandip Narendrakumar Patel & Ors. … Appellant/s V/s.
Authorized Officer, Axis Bank Ltd.
…Respondent/s
An Advocate for the Appellant is present. Mr. Alok Mishra, Advocate for Respondent.
-: Order dated: 22/12/2023:-
The matter is taken up for hearing by way of a praecipe filed by the Appellants for seeking urgent relief.
This is an application filed for extension of time to pay the entire amount due today as 1st instalment of pre-deposit. The Appellants were directed to pay a total sum of ₹ 3.5 crores of predeposit vide order dated 24.11.2023 and on the very same date the Appellant deposited sum of ₹ 50,00,000/- for the balance of ₹ 3 crores the Appellants were granted time to pay the same in three equal instalments. The 1st instalment was due today and the Appellants could pay only a sum of ₹ 40,00,000/- today and therefore, they have filed this application for granting further time to pay the balance of ₹ 60,00,000/- towards the 1st instalment.
The Ld. Counsel appearing for the Respondent has vehemently opposed this application stating that sufficient time was already granted to the Appellant and therefore, further indulgence may not be shown. But considering the entire facts and circumstances, I find
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that the Appellants are making an earnest attempt to deposit the entire amount. They have deposited ₹ 40,00,000/- towards of 1st instalment of ₹ 1 crore. Therefore, they need to be granted some time to pay the balance towards the 1st instalment. The Appellants are directed to deposit the balance of ₹ 60,00,000/- towards the 1st instalment together with the 2nd instalment which is due on 12.01.2024.
The application is allowed. No further extension will be granted.
Post on 15.01.2024 for compliance.
Chairperson
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Sandip Narendrakumar Patel & Ors.
Authorized Officer, Axis Bank Ltd.
Ashok Menon
As recorded by the court registry
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