M/ S Petex Products and Ors. v. U C O Bank
Case brief
What is this about?
The Delhi High Court directed appellants to deposit 25% of the debt determined by the Tribunal under Section 19 of the RDB Act, 1993 as per Section 21. Failure to deposit would result in dismissal of the appeal. The case was listed for hearing on waiver of the balance amount if the deposit is made.
What did the court decide?
Appellants directed to deposit 25% of debt to entertain appeal; case listed for waiver hearing upon deposit.
Appeal Dy. No. 192/2022 Date: 17.02.2023
M/s Petex Products & Ors. Vs. UCO Bank
Present: Shri Rastrapati Khare, counsel for the appellants, Shri Sanjai Singh, counsel for the respondent-Bank,
Learned counsel for the respondent-Bank seeks time to file reply. Let the same be filed by the next date.
In the present case, the appellants have not deposited any amount towards minimum deposit of 25% of the debt due, which is mandatory in nature as per second proviso of section 21 of the RDB Act, 1993. Therefore, the appellants are directed to deposit minimum 25% of the debt determined by the Tribunal below under section 19 of the RDB Act for entertaining the appeal, which is mandatory in nature. If the appellants do not deposit the said amount prior to the next date fixed, the appeal shall stand dismissed as not entertainable for want of mandatory pre-deposit without further reference to this court. If the said amount is deposited by the appellants within the time as stipulated above, list this case on 09.05.2023 for hearing on waiver of the rest 25% of the amount due.
Justice R. D. Khare Chairperson
Anupam
Issues for consideration
3 issues framed by the court
Whether mandatory 25% pre-deposit towards debt due under Section 21 of the RDB Act must be made to entertain an appeal under Section 19.
Whether the appeal is maintainable in absence of the mandatory pre-deposit.
Whether waiver of the remaining 25% can be considered after deposit of the mandatory amount.
Parties & counsel
- appellant
M/s Petex Products & Ors.
- respondent
UCO Bank
Coram
R. D. Khare
Case details
As recorded by the court registry
All orders in this case
8 orders share this CNR
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