The Debt Recovery Appellate Tribunal rejected three appeals filed by M/s M/s IPAC Paper Boards and related parties against M/s Kotak Mahindra Bank. The Tribunal dismissed them due to non-compliance of a conditional order requiring a statutory deposit by 22.11.2023.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 23rd day of November, 2023
PRESENT: HON'BLE MR. JUSTICE S.RAVI KUMAR CHAIRPERSON
AIR 243/2023, AIR 244/2023 &
AIR 245/2023
(IA 2689/2019, IA 1537/2022 & MA 46/2020 in OA 119/2017 on the file DRT-II, Bangalore)
I. AIR 243/2023
Between
And
1
M/s Kotak Mahindra Bank, Represented by its Manager Mr. Varan Vedasagar, No.22, Kotak House, M.G. Road, Bengaluru 560 001.
…Respondents
II. AIR 244/2023
Between
And
M/s Kotak Mahindra Bank, No.3, Das India Towers, 2nd Floor, 2nd Line Beach, Parry’s Corner, Chennai 600 001.
III. AIR 245/2023
2
Between
…Appellants
And
M/s Kotak Mahindra Bank, No.3, Das India Towers, 2nd Floor, 2nd Line Beach, Parry’s Corner, Chennai 600 001.
…Respondents
Counsel for Appellants : M/s S. Sethuraman & Co. Counsel for Respondent Bank : M/s Ramalingam & Associates
3
COMMON ORDER
These appeals are coming up today for reporting compliance of statutory deposit.
As per common conditional order dated 8.11.2023 passed in IA 276/2023(Waiver), IA 275/2023 (Waiver) & IA 277/2023 (Waiver) in AIR 243/2023, AIR 244/2023 and AIR 245/2023 respectively, appellants shall deposit a sum of 6,25,85,177/- on or before 22.11.2023 and failure to deposit the same would result in dismissal of all the above appeals.
Today Ld. Counsel for appellants submitted that money is not deposited and appellants have preferred a Writ Petition before Hon’ble High Court of Karnataka against the order of this Tribunal and requested for further time. However, no stay order is produced and as it is a conditional order, request for further time is refused.
Hence, Appeals AIR 243/2023, AIR 244/2023 and AIR 245/2023 are rejected, by giving effect to common conditional order dated 8.11.2023 for non compliance of statutory deposit.
Sd/[Justice S. Ravi Kumar] CHAIRPERSON
4
1 issue framed by the court
Whether appeals pending in DRT need to be dismissed when appellants failed to make a statutory deposit despite a conditional order.
M/s M/s IPAC Paper Boards ( India) Private Limited
Mr. Vikram
Dr. K. Balaraman
Mr. Dhamodharan
M/s Kotak Mahindra Bank
S. Ravi Kumar
As recorded by the court registry
14 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
