The Tribunal allowed a predeposit application, directing appellants to deposit Rs.18.00 lakhs (25%) within four weeks to be permitted to proceed with their appeal against a DRT recovery order. Failure to comply would result in dismissal.
Appellants directed to deposit Rs.18.00 lakhs within four weeks to continue the appeal.
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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA (CAMP-HYDERABAD)
(Appeal Dy. No.535 of 2021)
(Arising out of O.A. No.311 of 2010 in DRT-I, Hyderabad)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
26.06.2023
Sri K. Rajendra Kumar & Ors. … Appellants -VsIndian Overseas Bank . ….Respondent
Mr. Nemani Srinivas Learned Counsel for Appellant None for Respondent
THE APPELLATE TRIBUNAL:
IA.No.400 of 2021 is taken-up today. Heard Learned Counsel for the Appellants. Despite notice for hearing of the matter in the Camp Court, Learned Counsel for the Respondent Bank is not present.
The instant application is preferred by the Appellants against the order dated 04.03.2020, passed by DRT-1, Hyderabad in OA.No.311 of 2010, wherein the OA was allowed for recovery of an amount of Rs.37,59,832/- with 10% pendente lite and future interest. It is further directed that an amount of Rs.15.00 lakhs deposited by the Appellants should be paid to the Respondent Bank along with the interest.
Learned Counsel for the Appellants submits that as per the operative portion of the order of the Learned DRT, as on date, an amount of Rs.70.00 lakhs approximately is due to the Respondent Bank. Since there is no statement of account submitted by the Respondent Bank, as far as impugned order is concerned, I do not find any reason to disbelieve the version of the Learned Counsel for the Appellants. Learned Counsel for the Appellants submits that the Appellants are ready and willing to make pre-deposit and also submits that due to financial crunch, they may be permitted to make a deposit of 25% or Rs.18.00 lakhs. Having heard the submissions made by the Learned Counsel for the Appellants that the Appellants are under financial crunch as well as perusal of the record, the Appellants are directed to make a deposit of Rs.18.00 lakhs as predeposit within a period of 4 weeks from today, failing which the Appeal shall stand dismissed. List on 08.08.2023 for further orders.
(Anil Kumar Srivastava, J) Chairperson
Dated 26th June, 2023
1 issue framed by the court
Whether appellants are eligible to make a 25% predeposit given financial constraints.
Sri K. Rajendra Kumar & Ors.
Indian Overseas Bank
Anil Kumar Srivastava
As recorded by the court registry
13 orders share this CNR
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