Partly allowed

M/S. Vnr Enterprises and Ors. v. Union Bank of India

DRAT22 May 2023MISC APPEAL/59/2024

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal granted a partial extension of time to the appellant to pay the remaining pre-deposit amount for an appeal. The court split the payment into two sequential installments over June 2023, disallowing any further extension and threatening dismissal.

What did the court decide?

Allowed partial extension; ordered payment of remaining pre-deposit in two installments by 14/06/2023 and 28/06/2023.

M/S. Vnr Enterprises and Ors. versus Union Bank of India — Insolvency and Bankruptcy | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson

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I.A. No. 321/2023 In Appeal on Dairy No. 470/2023

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Between

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M/s. VNR Enterprises & Ors. … Appellant/s

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V/s.

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Authorized officer, Union Bank of India …Respondent/s

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Mr. Dhrumit Chauhan, Advocate for Appellant.

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Mr. Nainesh Amin, i/b N.N. Amin & Co., Advocate for Respondent.

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-: Order dated: 22/05/2023:-

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The matter is taken up for hearing by way of a praecipe filed by Appellants for seeking urgent relief. The Appellants were directed to deposit a sum of ₹ 4 crores as pre-deposit vide order dated 12.04.2023 they have already deposited ₹ 2.25 crores towards the pre-deposit and ₹ 1.75 crores is yet to be paid. They were granted three weeks time which expires on 24.05.2023. An application is filed for an extension of time stating that because of the financial strain, they are not able to deposit the entire amount on or before 24.05.2023 and seek an extension of 45 days for paying the amount.

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After considering the submissions made by the Ld. Counsel appearing for the Appellants and also on hearing the Ld. Counsel appearing for the Respondent Bank who vehemently opposes this application for an extension of time, I am inclined to grant some

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more time to pay the balance amount and exercise the jurisdiction u/s 148 of CPC and also u/s. 19 (25) of the RDB Act. The half of ₹ 1.75 crores which is ₹ 87,50,000/- due shall be paid within a period of three weeks from 24.05.2023, on or before 14.06.2023 and the balance shall be paid within two weeks therefrom, on or before 28.06.2023. No further extension will be granted and in default, the appeal shall stand dismissed without any further reference to this Tribunal.

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With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.

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Post on 15.06.2023 for reporting compliance concerning the payment.

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Sd/Chairperson

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rm-7

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M/S. Vnr Enterprises and Ors. v. Union Bank of India

Case brief

What is this about?

What did the court decide?

M/S. Vnr Enterprises and Ors. v. Union Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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