Disposed

Vyom Infra v. Catholic Syrian Bank Limited

DRAT13 Feb 2023REGULAR APPEAL/25/2023

Case brief

AI extract

What is this about?

The appellate tribunal allowed the appellant's application for condonation of delay in filing appeal and also allowed the application for waiver of pre-deposit requirement under s. 18(1) of the SARFAESI Act as over 50% of the due amount was already deposited.

What did the court decide?

I.A. 90 of 2020 allowed; I.A. 91 of 2020 allowed; appeal registered to be listed for hearing.

Vyom Infra versus Catholic Syrian Bank Limited — Insolvency and Bankruptcy | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appeal Dy No. 150 of 2020

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(Arising out of SA 212 of 2019 in DRT-1 Hyderabad)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

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13.02.2023

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M/s. Vyom Infra

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-VsThe Catholic Syrian Bank Ltd. & Ors.

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… Respondents

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Mr. N. Srinivas, ld. Counsel for the appellant. None for the respondent.

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THE APPELLATE TRIBUNAL :

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I.A. 90 of 2020 is filed by the appellant u/s 5 of the Limitation Act praying for condonation of four days delay in filing the appeal. Learned counsel for the appellant submits that delay has occurred for obtaining certified copy of the order impugned and for collecting cause papers.

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None appears for the respondent.

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Having considered the submission made by the learned counsel for the appellant and going through the record, I find that ground explained in the I.A. to be sufficient. Hence, I.A. 90 of 2020 is allowed. Delay is condoned. I.A. 91 of 2020 is filed by the appellant u/s 18(1) of the SARFAESI Act praying for waiver from making pre-deposit. Learned counsel for the appellant submits that demanded due as per Section 13(2) notice dated 26.10.2016 is Rs.1,87,26,407.50. Learned counsel further submits that post issuance of demand notice, Rs.1,61,93,385/- was deposited by the appellant to respondent no.1 bank which are evident from the bank receipt annexed at pages 67 to 86 of the Volume II of the Paper Book. Learned counsel also submits that appellant is not claiming the benefit of the amount which was received by the bank from auction sale proceeds.

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None appears for the respondent.

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Having considered the submission made by the learned counsel for the appellant and gone through the records I find that

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an amount equivalent to more than 50 per cent of the debt due has already been deposited by the appellant. Hence, I.A. 91 of 2020 is allowed.

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Appeal be registered and regular appeal number be provided.

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Fresh notice be issued upon the respondent. Affidavit of service be filed within two weeks. Opposition be filed by the respondents within four weeks with advance copy to the appellant who may file rejoinder within two weeks thereafter.

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List on 21.04.2023 for hearing the appeal.

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(Anil Kumar Srivastava,J) Chairperson

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Dated: 13 February, 2023 02/pkb

Vyom Infra v. Catholic Syrian Bank Limited

Case brief

What is this about?

What did the court decide?

Vyom Infra v. Catholic Syrian Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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