Allowed

Phorum Jigneshbhai Brahmbhatt v. Punjab National Bank

DRAT22 Dec 2023MISC APPLICATION/125/2023

Case brief

AI extract

What is this about?

The Tribunal disposed of a restoration application (M.A. No. 125/2023) seeking to reinstate an appeal dismissed for default of non-payment of the third instalment of pre-deposit. The court accepted the appellants' explanation of a one-day logistical delay, allowed the restoration, restored the interim order, and directed SARFAESI measures to remain in effect until the next hearing.

What did the court decide?

Application for restoration allowed; appeal restored to file; interim order and SARFAESI measures restored.

Phorum Jigneshbhai Brahmbhatt versus Punjab National Bank — Banking and Recovery | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson M.A. No. 125/2023(Restoration)

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(Appeal on Diary No. 1791/2023-Disposed of)

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Between

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Phorum Jigneshbhai Brahmbhatt & Anr. … Appellant/s V/s. The Authorized Officer, …Respondent/s Punjab National Bank

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Mr. Sandeep Bhatt, Advocate for Appellants appeared through Video Conferencing.

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Ms. Asha Bhuta, i/b Ms. Bhuta & Associates, Advocate for Respondent.

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-: Order dated: 22/12/2023:-

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The matter is taken up for hearing by way of a praecipe filed by Appellants for seeking urgent relief.

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The M.A. No. 125/2023 is an application for restoration of the Appeal at Diary No. 1791/2023 which was dismissed for default of non-compliance of payment of the third instalment of pre-deposit which was directed to be paid on or before 30.11.2023. On 04.12.2023 it was seen that the order had not been complied with on the stipulated date and hence, the appeal was dismissed.

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The Appellants have filed this application for restoration of the appeal stating that the demand draft for the required amount was already drawn on 30.11.2023 but it could not be deposited before the Registry on time, and there was a day’s delay in submitting the same. Therefore, it is submitted that the Appellants have made an earnest

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attempt to see that the orders of this Tribunal are complied with and the amount deposited on time.

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The Ld. Counsel appearing for the Respondent has vehemently opposed the application stating that on 04.12.2023 the Appellant had come up with a pursis seeking an extension of time but this Tribunal has not granted an extension and therefore dismissed the appeal which cannot be restored to file.

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On 04.12.2023 there was no application for extension on time nor was there any application for restoration of the appeal. But the fact remains that the Appellants had obtained a Demand Draft on the date it was to be deposited but unfortunately for some reason, it could not be deposited on time.

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5 The explanation given in this application for restoration seems to be reasonable and therefore, I am inclined to allow that application and the appeal is restored to file. The entire pre-deposit has been made, and the Demand Draft shall be received and the appeal shall be taken on file if there are no other defects to be cured.

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The interim order shall also be restored and the Sarfaesi measures shall stand till the next date of hearing before the bench.

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Post on 08.01.2024 before the Registrar.

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Sd/Chairperson

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rm-8

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Phorum Jigneshbhai Brahmbhatt v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Phorum Jigneshbhai Brahmbhatt v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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