This appeal challenged an order where the DRT reduced forfeiture of 25% bid deposit to 15% and refunded 85%. The Tribunal found no grounds to interfere as the refund of 85% was already executed.
Appeal dismissed; parties to bear own costs; pending internal applications closed.
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.
MA 40/2019
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 10th of August, 2023
PRESENT: Hon’ble Mr. Justice S. Ravi Kumar CHAIRPERSON
MA 40/2019
[AP 12/2018 in MA 116/2018 in DRC No. 631/2015 in OA 489/2014 on the file of DRT –II, Chennai]
Between
Both are residing at 856A, Haji Abdul Rahim Sahib Street, Fort, Vaniyambadi, Vellore – 635, 751.
….Appellants
AND
The Tamilnad Mercantile Bank Limited, No.4, TTK Road Branch, Chennai. Rep. by its Branch Manager.
…..Respondent
Counsel for Appellants : Mr. R. Sugumaran Respondent : Mr. V. Chandrasekaran
1
MA 40/2019
ORDER
22.11.2018 of DRT-II, Chennai.
Appellants herein are successful bidders before Recovery Officer in recovery proceedings, and they deposited 25% of bid amount immediately, and thereafter filed an Application for extension of time to pay remaining 75%, and that Application is dismissed by Recovery Officer and forfeited 25% of money deposited. Challenging the same, Appellants preferred an Appeal before DRT, and Learned Presiding Officer, on a consideration of facts, while dismissing the Appeal, modified the Order of Recovery Officer in respect of forfeiture, and said, only 15% of deposited amount has to be forfeited, and remaining 85% of
2
MA 40/2019
deposited amount has to be refunded to Appellants. Aggrieved by said Oder, present Appeal is preferred.
sum of Rs.83.57 Lakhs. It is also not in dispute that
3
MA 40/2019
Appellants paid Rs.20,89,250/-, being 25% of bid amount, on the date of auction, and balance amount has to be paid on or before 11.04.2018. It is also not in dispute that balance amount is not paid within the time, but Appellants filed MA 116/2018 for extension. Recovery Officer dismissed said Application.
4
MA 40/2019
parties shall bear their own costs. All pending IAs, if any,
stand closed.
[Dictated to Athistamani, PS in open court, transcribed by her and corrected and signed by me in open court, this 10th of August, 2023]
[ Justice S. Ravi Kumar] CHAIRPERSON
5
1 issue framed by the court
Whether the Appellate Tribunal is correct in dismissing the appeal against the order modifying forfeiture of bid security.
Kanniambadi Faiyaz Ahmed and Nusrath Jahar
The Tamilnad Mercantile Bank Limited
S. Ravi Kumar
As recorded by the court registry
11 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
