The Debt Recovery Appellate Tribunal allowed the appellant's application for condonation of delay in depositing the balance pre-deposit amount, granting an extension until 23.05.2023 with a reporting requirement on 24.05.2023.
Application for extension of time to deposit balance pre-deposit allowed. Delay condoned. Second instalment payable by 23.05.2023.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson Appeal on Diary No. 524/2023 Between
Nitin Patilbua U g ale … Appellant/s V/s. Canara Bank Th r ough its Authorised Officer & …Respondent/s Anr. Mr V. N. Ajikum a r, Advocate for Appellant. Ms Vaishali Bhil a re, Advocate for Respondent No.1. -: Order dated: 03/05/2023:-
The order dated 11.04.2023 this Tribunal h ad directed the Appellant to de p osit a sum of ₹ 1 crores towar d s pre-deposit. ₹ 25,00,000/- was d eposited immediately and the bal a nce amount was directed to be de p osited in two instalments.
The first i n stalment of ₹ 37.05 lakhs was to b e deposited on or before 02.05.202 3 before the stipulated date the Ap p ellant could only deposit ₹ 25,00,000/- and today he is depositing a b alance of ₹ 12.5 lakhs and seeks a n extension of time to deposit th a t amount and to receive the amou n t to it in full compliance of the pa y ment of the first instalment.
The applic a tion filed by the Appellant is allo w ed and the delay in payment of the balance is condoned. The secon d instalment of ₹ 37.5 lakhs is to b e paid on or before 23.05.2023. Post on 24. 0 5.2023 for reporting compliance.
Sd/Chairperson
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1
Nitin Patilbua Ugale
Canara Bank
Ashok Menon
As recorded by the court registry
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