Kayakalp Agencies and Anr. v. Syndicate Bank and 2 Ors.

Appeal Dy. No. 249/2022 Date: 05.01.2023

Kayakalp Agencies & Anr. Vs. Syndicate Bank & Ors.

Present: Shri Siddharth Srivastava, counsel for the appellants, Shri Maneesh Mehrotra, counsel for the respondent-Bank,

Learned counsel for the appellant files affidavit of service without tracking report. Let the tracking report be filed by the next date. The office report dated 04.01.2023 shows that no reply has been filed on behalf of the respondent-bank to the waiver application. Let the same be filed by the next date.

Learned counsel for the appellant states that the arguing senior counsel Shri Shakti Swarup Nigam is out of station, therefore he is unable to come today, hence prays for adjournment.

Learned counsel for the respondent-Bank submits that by concealment of the material fact, the interim order has been obtained by the learned counsel for the appellant, as against the liability of Rs. 2.19 crores, only a sum of Rs. 12.50 lacs has been deposited by the appellant, which is even less than 10% of the amount due and the property has not been auction sold.

It is contended on behalf of the appellant that more than 100% of the amount due has been recovered by the Bank by auctioning the property in question.

List this case on 13.04.2023, by which time the learned counsel for the appellant shall bring on record that the property has been auctioned and 100% of the amount due has been recovered by the Bank, failing which appropriate order shall be passed, as objection regarding maintainability of appeal has been raised by the respondent-Bank for want of pre-deposit.