Dismissed

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

DRAT23 Nov 2023

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal rejected appeals filed by M/s IPAC Paper Boards and the Kotak Mahindra Bank respondent because appellants failed to deposit the mandatory statutory sum of ₹6.25 crore by the deadline. The court refused an adjournment as no stay order from the High Court was produced.

What did the court decide?

No liability relief allowed; appeals dismissed for non-payment of statutory deposit within stipulated time without stay.

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

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 23^rd day of November, 2023

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PRESENT: HON'BLE MR. JUSTICE S.RAVI KUMAR CHAIRPERSON

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AIR 243/2023, AIR 244/2023 &

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AIR 245/2023

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(IA 2689/2019, IA 1537/2022 & MA 46/2020 in OA 119/2017 on the file DRT-II, Bangalore)

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I. AIR 243/2023

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Between

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M/s IPAC Paper Boards ( India) Private Limited Represented by its Director Vikram, Office at No 5, K.M. Bathlagundu Road, Pithalaipatty Post, Dindigul 624 001.

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Mr. Vikram, S/o Dr. K. Balaraman, 1-267, Pillaiyar Natham, Taluk-Athoor, Dindigul 624 002.

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Dr. K. Balaraman, S/o V.L. Krishnaswamy, No.559, RMV 2^nd Stage, New BEL Road, Bengaluru 560 092.

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Mr. Dhamodharan, S/o M.P. Verappa Naicker, No.5, Bathlagundu Road, Pithalaipatty Post, Dindigul 624 001.

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….Appellants

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And

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M/s Kotak Mahindra Bank, Represented by its Manager Mr. Varan Vedasagar, No.22, Kotak House, M.G. Road, Bengaluru 560 001.

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…Respondents

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II. AIR 244/2023

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Between

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M/s IPAC Papers Boards (India) Private Limited, Rep. by its Director Vikram Balaraman, No.559, RMY 2^nd Stage, New Bells Road, Bengaluru 560 094.

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Mr. Vikram Balaraman, S/o Dr. K. Balaraman, 559, RMY 2^nd Stage, New Bell Road, Bengaluru 560 094.

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Dr. K. Balaraman, S/o V.L. Krishnaswamy, No.559, RMY 2^nd Stage, New Bell Road, Bengaluru 560 094.

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Mr. Dhamodharan, S/o M.P. Verappa Naicker, Sri Lakshmi Industries Compound, Banthalagudu Road, Pithalaipatty Post, Dindigul 624 001.

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And

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M/s Kotak Mahindra Bank, No.3, Das India Towers, 2^nd Floor, 2^nd Line Beach, Parry’s Corner, Chennai 600 001.

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III. AIR 245/2023

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Between

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M/s IPAC Papers Boards (India) Private Limited, Rep. by its Director Vikram Balaraman, No.559, RMY 2^nd Stage, New Bells Road, Bengaluru 560 094.

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Mr. Vikram Balaraman, S/o Dr. K. Balaraman, 559, RMY 2^nd Stage, New Bell Road, Bengaluru 560 094.

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Dr. K. Balaraman, S/o V.L. Krishnaswamy,, New Bell Road, Bengaluru 560 094.

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Mr. Dhamodharan, S/o M.P. Verappa Naicker, Sri Lakshmi Industries Compound, Banthalagudu Road, Pithalaipatty Post, Dindigul 624 001.

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…Appellants

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And

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M/s Kotak Mahindra Bank, No.3, Das India Towers, 2^nd Floor, 2^nd Line Beach, Parry’s Corner, Chennai 600 001.

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…Respondents

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Counsel for Appellants : M/s S. Sethuraman & Co. Counsel for Respondent Bank : M/s Ramalingam & Associates

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COMMON ORDER

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These appeals are coming up today for reporting compliance of statutory deposit.

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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.

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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.

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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.

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Sd/[Justice S. Ravi Kumar] CHAIRPERSON

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

Case brief

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

Case brief

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