Manne Srinivas v. State Bank of India
Case brief
What is this about?
In an appeal against a DRT certificate, the adjudicating tribunal explained the mandatory nature of pre-deposit under Section 21 RDB Act. Rejecting the appellant's claim for 50% reduction, it mandated a 40% pre-deposit of the appeal amount within six weeks.
What did the court decide?
Appellant directed to make a pre-deposit of 40% of Rs. 2,27,23,339/- within six weeks.
What the court decided
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA (CAMP-HYDERABAD) Diary No.443 of 2022
(Arising out of OA No.382/2019 of DRT-I, Hyderabad)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
20.12.2023
Manne Srinivas (Died) as per (LRs) & Ors. … Appellants Vs.
State Bank of India & Ors. … Respondents
Learned Counsel for Appellant : Mr. Amancherla V Gopal Rao
Learned Counsel for R-1 Bank : Mr. G. Prabhakar Sarma For Mrs. Mekahla Kanji
THE APPELLATE TRIBUNAL:
IA No.298/2022 is filed by the Appellant for wavier under Sec.21 of the RDB Act, 1993. Opposition filed by R-1 Bank.
Heard learned counsel for the parties and perused the record.
Certificate for an amount of Rs.1,96,66,574/- with future interest @ 13.25% p.a. simple from the date of filing of the OA till the date of final realization was passed by the learned DRT, Hyderabad on 12.02.2020. Appeal was filed on 26.08.2022.
Issues for consideration
2 issues framed by the court
Whether the appellant is liable to make a pre-deposit under Section 21 of the RDB Act 1993 for the appeal filed against the DRT certificate.
Determination of the requirement to make a 40% pre-deposit instead of the statutory 50% in the given circumstances.
Parties & counsel
- appellant
Manne Srinivas (Died) as per (LRs) & Ors.
- respondent
State Bank of India & Ors.
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
All orders in this case
9 orders share this CNR
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