Allowed application for extension of time to deposit ₹25,00,000. Held deposit complied with belatedly; directed return of asset possession to appellants.
Extension of time for deposit; direction to Receiver to hand over property to appellants; prohibition on creating third party interest.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 312/2023(Extension of Time)
And
I.A. No. 141/2023(Restoration)
In
Misc. Appeal No. 162/2022
Between
Dhiraj A Mitra & Anr. … Appellant/s V/s. Bank of Baroda …Respondent/s
Mr Puneet Gogad, Advocate for Appellants.
Mr Prakash Choudhary, Advocate for Respondent Bank.
-: Order dated: 18/05/2023:-
This Tribunal had on 31.03.2023 directed the Appellants to deposit a sum of ₹25,00,000/- by 10.04.2023 and in complying with that order the possession of the secured asset was to be restored to them as an interim arrangement till the appeal was heard and disposed of.
The Appellants deposited ₹20,00,000/- in the first instance and thereafter deposited ₹5,00,000/- more belatedly and have filed this I.A. No. 312/2023 for an extension of time to deposit the amount. It was a submission of the Ld. Counsel appearing for the Respondent Bank that they would not be willing to settle the matter for anything above ₹25,00,000/-.
1
It is the submission of the Appellants that the Appellants have been rendered homeless, and are presently residing at the mercy of others. Considering the exigency expressed by the Appellants this Tribunal is inclined to extend the period fixed by this Tribunal on 31.03.2023 and hold that the direction of depositing ₹25,00,000/- in a no lien account with the bank has been complied with though belatedly, and therefore, the Receiver appointed by the Recovery Officer, D.R.T.-I, Mumbai, is directed to hand over possession of the property to the Appellants as an interim arrangement till the appeal is disposed of.
It is also directed that the Appellants shall not create any thirdparty interest over the property till the appeal is disposed of. Post on 16.06.2023 for hearing
Sd/Chairperson
rm-18
2
1 issue framed by the court
Whether an extension of time should be granted to deposit the required amount to comply with the Tribunal's interim order.
Dhiraj A Mitra & Anr.
Bank of Baroda
Ashok Menon
As recorded by the court registry
9 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
