Disposed

Ms Sanjay Re Rolling Mills Pvt. Ltd. and Anr. v. Asset Reconstruction Company India Ltd.

DRAT1 Sept 2023REGULAR APPEAL/236/2018

Case brief

AI extract

What is this about?

This order grants the appellant a 25% pre-deposit waiver in an appeal challenging an order on interest quantum. Permission is granted to deposit 25% of the dues within eight weeks, considering the appellant's inability to utilize secured assets from 1999.

What did the court decide?

Appellant permitted to make a pre-deposit of 25% of Rs.4,44,25,015/- within 8 weeks.

Ms Sanjay Re Rolling Mills Pvt. Ltd. and Anr. versus… — Insolvency and Bankruptcy | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appeal No. 236 of 2018

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

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01.09.2023

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Sanjay Re-Rolling Mills Pvt. Ltd. and anr ... Appellants -VsAsset Reconstruction Company India Ltd. and ors ... Respondent Mr. Nemani Srinivas, Learned Counsel for the Appellant. Ms. Sonal Shah, Learned Counsel along with Ms. Jyoti Bhavsar, Asstt. Vice President, LCRG for the Respondent ARCIL

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THE APPELLATE TRIBUNAL :

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Heard the Learned Counsel for the parties on Application No. 334 of 2018 for waiver from making pre deposit under Section 21 of the Recovery of Debts and Bankruptcy Act. Instant appeal has been preferred against an order dated 14.02.2018 passed by the Learned DRT Hyderabad allowing the O.A. No. 573 of 2017 (old O.A. No. 276 of 2000) and a certificate for an amount of Rs.1,39,67,002/- was issued with future interest @12% simple.

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Feeling aggrieved Appellant preferred the Appeal on the issue of interest only.

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In compliance of the order dated 08.08.2023, Ms. Jyoti Bhavsar, Asstt. Vice President, LCRG is present in Court and

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a summary of dues is submitted wherein as on 19^th March, 2018 , an amount of Rs.4,44,25,015/- (Rupees four crore forty four lacs twenty five thousand and fifteen) was shown as due inclusive of interest. Learned Counsel for the Appellant submits that the Appellant may be permitted to deposit an amount equal to 25% as pre deposit. It is submitted that as the Respondents are in possession over the secured assets since 1999, Appellant could not enjoy the fruits of the secured assets since then.

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Having considered the submissions, I found it appropriate that since the Appeal is preferred against the quantum of interest only and the Appellant is out of possession since 1999, Appellant is permitted to make a pre deposit of 25% of Rs.4,44,25,015/-as pre deposit within a period of 8 weeks.

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List on 4^th December, 2023 for further orders.

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(Anil Kumar Srivastava,J) Chairperson

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Dated: 1^st September, 2023 5/tp

Ms Sanjay Re Rolling Mills Pvt. Ltd. and Anr. v. Asset Reconstruction Company India Ltd.

Case brief

What is this about?

What did the court decide?

Ms Sanjay Re Rolling Mills Pvt. Ltd. and Anr. v. Asset Reconstruction Company India Ltd.

Case brief

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What did the court decide?

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