Appeals by Ipac Paper Boards against orders of the Debt Recovery Appellate Tribunal were rejected for non-compliance of a conditional order requiring a statutory deposit, in the absence of a stay on a High Court writ petition.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
IA 276/2023
in
A.IR:243/2023
Ipac Paper Boards India Pvt Ltd &Ors V/S Kotak Mahindra Bank Ltd
23/11/2023
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/Chairperson
Ipac Paper Boards India Pvt Ltd & Ors
Kotak Mahindra Bank Ltd
Chairperson
As recorded by the court registry
14 orders share this CNR
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