Pruthvi Fertilizers Pvt. Ltd. v. Axis Bank
Case brief
What is this about?
The Tribunal modified a pre-deposit order in an I.A., directing appellants to deposit ₹87.5 lakhs within two weeks as they now challenge only the sale of stock and hypothecated goods, not entire secured assets.
What did the court decide?
Appellants directed to deposit ₹87,50,000/- as pre-deposit within two weeks; appeal to be dismissed if not paid.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 393/2023 (Modification)
In I.A. No. 323/2022(WoD)
In Appeal on Diary No. 655/2022
Between
M/s Pruthvi Fertilizers Pvt. Ltd. & Anr. … Appellant/s
V/s.
Axis Bank Ltd. & Anr. …Respondent/s
Mr Prashant Pandit along with Mr Jay Pandit, Advocate for Appellants.
Mr Chetan C Agarwal along with Mr Sachin Pawar, Advocate for Respondent No. 1.
Mr H. V. Metaliya, Advocate for Respondent No.2.
-: Order dated: 17 /05/2023:-
Issues for consideration
3 issues framed by the court
Whether the pre-deposit amount can be modified given that the challenge to the sale of secured assets is now limited.
Whether the directors are disqualified under the Companies Act for filing the appeal.
Whether the claim that plant and machinery are hypothecated is valid if they are attached to the land.
Parties & counsel
- appellant
M/s Pruthvi Fertilizers Pvt. Ltd. & Anr.
- respondent
Axis Bank Ltd. & Anr.
Coram
Ashok Menon
Case details
As recorded by the court registry
All orders in this case
3 orders share this CNR
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