Allowed the application to restore the appeal and extended the deadline for depositing the first instalment. Directed the lower tribunal to produce deposited funds towards the pre-deposit.
The application to restore the appeal was allowed, the deposit period was extended, and funds from a separate tribunal were directed to be produced.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 481/2023 ((I.A. on Diary No. 1189/2023)(Restoration))
In Appeal on Diary No. 989/2023
Between
M/s. Satyam Industries & Ors. … Appellant/s V/s. Deutsche Bank …Respondent/s
Mr. Rishab Shah, i/b Mr. Manmohan Rai, Advocate for Appellants. Mr. R.L. Motwani, Advocate for Respondent.
By order dated 20.06.2023, the Appellants were directed to make a pre-deposit of ₹ 6 Crores in instalments. The Appellants had already deposited ₹ 60 lakhs toward the pre-deposit and the 1st instalment of ₹ 1.80 Crores was to be paid, on or before 04.07.2023.
No.1189/2023 seeking to restore the Appeal which was automatically dismissed for non-compliance with the order dated 04.07.2023 and also for an extension of time to deposit the amount. The Appellants have already produced the demand draft for a sum of ₹ 1.80 Crores and it is prayed that the said amount may be received. It is also undertaken that the 2nd instalment which is due on 18.07.2023 would be paid one day in advance. The Appellants have explained they had some difficulty in accumulating the amount and hence, the delay.
1
Post on 19.07.2023 for reporting compliance regarding the payment of the 2nd instalment.
The status quo shall continue till the next date of hearing.
Sd/Chairperson
psa-17
2
1 issue framed by the court
Whether an application to restore an appeal dismissed for non-payment of pre-deposit and to extend time for payment can be allowed when the amount is deposited belatedly.
M/s. Satyam Industries & Ors.
Deutsche Bank
Ashok Menon
As recorded by the court registry
6 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
