Partly allowed

Ms Ipac Paper Boards India Private Limited Rep by its Director Vikram Balaraman v. Kotak Mahindra Bank Limited

DRAT8 Nov 2023MISC APPEAL/47/2026

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal at Chennai, dismissing an application for waiver or reduction of the statutory deposit required under Section 21 of the RDB Act, 1993, directed appellants to deposit 50% of the claim amount under challenge.

What did the court decide?

Petitioners/Appellants to deposit 50% of Rs.12,51,70,354.50p, aggregating to Rs.6,25,85,177/-, within two weeks for entertaining the appeals; failure to deposit will result in rejection.

Ms Ipac Paper Boards India Private Limited Rep by its… — Banking and Recovery | DRAT (2023)

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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IA 276/2023 in

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A.IR:243/2023

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Ipac Paper Boards India Pvt Ltd & Ors V/S Kotak Mahindra Bank Ltd

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08/11/2023

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These Applications are filed seeking waiver of statutory deposit required under Section 21 of RDB Act, 1993, for entertaining the Appeals.

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Appeal A.IR:243/2023 is filed challenging order in IA 2689/2019 in OA 119/2017 to correct the claim amount in the final Order; Appeal A.IR:244/2023 is filed challenging Order in IA 1537/2022 in MA 46/2020 in OA 119/2017, against dismissal of condonation of delay in filing MA 46/2020 and Appeal A.IR: 245/2023 is filed challenging MA 46/2020 in OA 119/2017 against dismissal of Application filed to recall the ex parte final Order dated 27.07.2019 .

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All these Applications are between same parties and in respect of same OA i.e. OA 119/2017. Final Order is passed on 27.07.2019 for a sum of Rs.16,93,21,468/. But, from the submissions, it is clear that said Order is subsequently amended and amount is reduced to Rs.12,51,70,354.50p. Advocate for Petitioners/Appellants submitted, according to Petitioners/Appellants, they have paid a sum of Rs.8.15 Crores, but that was not considered, because Defendants, i.e., Appellants herein were set ex parte . He submitted, taking that aspect into consideration, statutory deposit may be reduced to 25%. Advocate for Bank opposed and submitted that no grounds are made out for reduction of statutory deposit.

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I have perused material papers.

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Without going into merits and demerits of the case, as Appeal A.IR:243/2023 is against the final Order, I am of view that Petitioners/Appellants have to deposit 50% of amount arrived at in the OA 119/2017 i.e. Rs.12,51,70,354.50p, for entertaining all the above Appeals.

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For the above reasons, Petitioners/Appellants shall deposit 50% of Rs.12,51,70,354.50p, which comes to Rs.6,25,85,177.25p (rounded off to Rs. 6,25,85,177/-) within a period of two weeks from today i.e., on or before 22.11.2023, for entertaining all the above Appeals. It is made clear that failure to deposit of above amount, the Appeals shall stand rejected. On making such deposit by Petitioners/Appellants, Registrar is to invest the same in a Nationalized Bank, from time to time, till further orders are passed.

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Post the case on 23.11.2023, for compliance of payment.

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Sd/-

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Chairperson

Ms Ipac Paper Boards India Private Limited Rep by its Director Vikram Balaraman v. Kotak Mahindra Bank Limited

Case brief

What is this about?

What did the court decide?

Ms Ipac Paper Boards India Private Limited Rep by its Director Vikram Balaraman v. Kotak Mahindra Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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